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.

@Jeffrey Bass - DREIA (Dade Real Estate Investment Assoc) meets every month in Miami Shores.

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...