All LPs on this post if an item in your due diligence list failed.  

I would simply hire a good civil that has done development in that jurisdiction and pay for a feasibility study and let them run through all the check items.. but thats really just the start.. also for context .. these projects require 350 to 750k in CASH up front to get to approved plat status ..

Alternatively, are there some ballpark estimates for each expense item (e.g., 8% for vacancy, 3% for capex, etc.) that can be factored in as realistic or worst case scenarios when analyzing the deal?

When I sent the Home Inspection report to ABC Baltimore, it was the usual, “We will work on the items, we are very close, etc.”.

Firstly, the real item is only a question of Point of Production.

Now for the house you are leaving behind…I like to have this one freshly painted, and take action on any maintenance items.  

Lots of posts here on BP on all the questions to ask as there are 100+ items to consider

@Francisco PineiroYou could call a few home inspectors in the market you are investing in and see if they do draw inspections so you know the items are correctly done before sending funds

And then the second item is - if you do take out more money, where does that leave you from a cashflow standpoint.   

We removed a chimney to open up the space and updated all the major ticket items—new electrical, HVAC, and roof.