This property is worth only the raw value of the land 

Are raw land prices outside Cary increasing the last six months?

I have always had insurance on land I buy and hold for future development.  In this situation I have a piece of land that requires a home to be demolished before it becomes just a lot.  Any recommendations on the best...

I just wonder if this is too raw of a deal and I should keep looking elsewhere.

My first duplex came in Jan 2020, and I'm trying to complete a 1031 exchange from raw land to another MF now.

The entire process was a learning experience as this was my first development from raw land to finished product.

The raw numbers aren’t important.

The raw "1% Rule" suggests that you shouldn't pay anymore than $360k (allows for $20k rehab), but that could be too high, or too low for the area.

Not to say there aren't people who are great developers and make money doing it, but I would say it is not the best way to get started in real estate.   15 acres of raw land sounds like a deal for someone who has made plenty of money doing a variety of deals and now wants to go to the casino to take some of those winnings and double down.Only you know your plan.....I think you start with what the city wants to be there. 

Full disclosure, I've never actually executed on a raw land development, but have crunched the numbers on a bunch of them and taken negotiations deep on a couple.