The land has had proposed lots approved by the county before(prior owner).We had twins a few years ago and our living expenses skyrocketed an put us in a less than wonderful financial situation.  

Given the skyrocketing prices though, I don't see a team heading over there anytime soon. 

Yes, they do have HOAs, but HOAs help you maintain the building and generally pay for water/sewer/garbage which you pass on to your tenants.I have been investing in condos personally for a few years now and have seen prices skyrocket.  

Spec land is a stair step investment, in other words the value may stay the same for many years and then skyrocket.

Just make sure you get the rehab numbers right since the costs can skyrocket if you miss something, so leave enough padding.

I think we all know since the housing bubble burst, the rental market has skyrocketed, hence monthly rental prices are overinflated due to the demand.

Just remember Midtown and Downtown what functions of what is just a normal functioning Village and property values and rents are skyrocketing.

I had just bought my house 2 years before that and watched it skyrocket in value for about 4 or 5 years until the recession in the early 90's.

I have a couple SFR rentals and just finished my first flip which was downtown, and it worked out well, but it seems like prices down there just sky rocketed with a bunch of flips coming onto the market.

I am currently living in Portland, OR where home values have skyrocketed over the last few years but rent has too.