I personally bought recently because the market has been very soft, by looking at a lot of deals we eventually found a good one, there are significant opportunities to add equity and it was cheaper than renting in my area.

Thank you DanI cannot comment of the price because 3 hours in every direction from Toronto is a different market with different cap rates..I personally think building is always better if cost of acquiring land, utility servicing  construction and soft costs makes sense.

I pulled over and called the number on the sign and actually got in contact with the seller, I started asking soft questions to feel out the situation and built some rapport.

We have received soft quotes (verbal quotes) that the lining and heater install will cost at least $6500.

There are a few structural issues (some missing siding, 2 soft spots on the ground floor) and a lot of cosmetic (oh, the wallpaper) work.

They all have soft close doors and drawers and all wood boxes.

For example, if the land is worth $50k, and your building a 2000ft2 duplex at $110/ft2, and you have soft costs (design, surveys, permits, etc) of $10k, your total cost would be $280k, which most banks will be looking for 25% cash or equity = $70k, which means you will need the land (free and clear) and another $20k in cash. 

Each bank differs of course but two of mine will give me a quick estimate without doing a hard pull of my credit. ( Since I have relationships with them their terms say they can technically pull soft reports whenever they want.)

So to tee you up a soft ball and to honestly help me get a sense of direction... 

Educate your self on the pros and cons of finding financing from soft or private lenders who are usually less stringent and more flexible than the HMLsGood luck .