That's the flood zone stuff, or stuff where value is less than what is owed, or maybe partials, land locked, drainage ditches, stuff like that. 

The house next door, also a duplex with exact same floor plan but in better shape, last sold for 125k.

What advice would you give a newer investor (with rehab and buy-and-hold experience) transitioning into the land development/building industry?

My personal goal would be to keep the tenant even if the unit was in rough shape, and just get to the bottom of the late rent thing

Investment Info:Raw Land Bundle Purchase price: $35,000 Sale price: $105,000Purchased 3 raw land parcels (2ea. 5-acres parcels and 1ea. 3-acre parcel) as a bundle for $105,000.

However, since new job numbers are back up (albeit not as high as they were earlier in the year), this points more towards a soft landing than recession. 

I am new to real estate investing and was looking into taking a heloc on my primary to purchase land and do a construction loan.

Hey, it sounds like you’ve got a great plan shaping up!

Sounds like you're in good shape.

The 100% vouchers simply live there a year and then take their highly sought after 100% voucher to the next land lord who thinks guaranteed rent and a newer rehab.. folks in that area are highly transient ..