Also remember it will take time to get them done, during which the home is vacant and not on the market.People shop with their eyes-so many don't care about stuff that is really important (plumbing, electrical, roof, etc). 

It is required to have a building permit/inspection and hire licensed professionals for Electrical, Mechanical, Plumbing, and structural engineering for load bearing, gas line work, and septic systems. 

Wildfire risk is also nearly non-existent close to the coast, and haven't yet heard of hurricanes or tornadoes, but you will notice a tsunami sign or two..Electricity, water and general operating costs are surprisingly 'affordable.'

New mechanicals (HVAC, electric, plumbing), kitchen, bathroom, adding a 1/2 bath in basement or 1st floor, new drywall, floors, paint, etc.

Honestly, I still feel broke, My previous job 4-5 years back was 200kplus/yr (Subsea Engineer Offshore).

We will be looking into zoning, etc and consult engineers and architetcs to ensure it's a viable project in those other areas. 

The problem that I'm thinking that we will run into is that water and electric will be difficult or impossible to have routed out there.

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provides support for the property tax appeals process.

However, one recent sale in the area was 109K for a .15 acre lot, however, it was verified developable and had gas, electric, and water at the street.

Insulate, add electrical, mini-split ac, and possibly plumbing, as desired, drywall, tape and paint, put built-in cab's on one side if you want, hang the tv, speakers, etc, install bi-fold/multi-fold doors on the side leading to a patio, and replace the garage door with an insulated one keeping the track and removing the motor, or install a carriage type garage door into the existing garage opening.