@Ryan Fox I would be paying attention to new cracks in the foundation.

Even if you believe you can stomach the monthly payments, paying $20K a year to carry a piece of land based on the information you shared is not recommended.

As you indicated, make sure you leave something in the plan for contingencies (absolute minimum of 10%), and keep in mind the cost to hold during the time it's under construction and being marketed.Make a plan, check it twice, and decide if it's worth the effort. 

I highly encourage all my tenants to keep open communication with me about any struggles to pay rent, and generally they do.

Simpson and Spax come to mind.

That could impact his ability to pay rent.

It's better to pay more, knowing you have something secured versus cheaping out and not even closing. 

Those may not pay off.Buyers:  There is a fine line between the first mover and the last sucker. 

A government agency pays part of their rent. 2.

Also keep in mind, terms other than price will play a role in getting you offer accepted too.