What happens to the 'comparable value' if the area is uninhabitable or a community that won't return for years? 

A few days before the sale the frame farm house was burnt to the ground and all that was left was the standing brick chimney and a lage pile of ashes. 

Pete area  after the recent hurricane and was hoping to get some real, boots-on-the-ground insight.

It is extremely hard to find programs for 0 experience simply on the 1-4 unit side of ground up construction. 

 $13,440 value to compare against.The teak would be 60 trees at the end of 21 years per acre.  

I often see him comment on threads where Costa Rica is mentioned saying that Costa Rica isn't a good investment compared to the investments that he does for himself and others in countries like Mexico.  

When you are comparing a condo to a SFH there aren't many pros but there are a lot of cons.

Essentially, your new replacement property will consist of (1) a thirty plus year ground lease on the real property you already own; and (2) new capital improvements made on the real property you already own pursuant to the new thirty plus year ground lease.

Open to ocean view, close to tourist areas by transit, farm ground or ranch land.  

At least with FHA 203(k), you cannot do ground up construction.