It is worth it to know where you stand.No. 2 is a good point.

Would you say that is accurate and if so, would it be worth pursuing a conventional loan first because of the higher cost of a DSCR loan?

I don't know if any of these ideas will work, but maybe worth pursuing.1.

How much work was done and what do you think that work is worth?

It's never worth it to cut corners on permitting because it will cost you far more in the long run.

DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.

It might be worth 700k by then. 

Sounds like no HOA, which is great--- but based on what you are saying I think it's worth setting it up. 

Does anybody know if a bank will qualify a sponsor that has the net worth but does not have a schedule of real estate? 

Land that you're not personally developing most of the time falls into two categories - either you're speculating that development is coming that way, and will increase the demand for the land, or you're changing the current permissible use of the land in such a way that it will be worth more money now or in the future.