For anyone interested in buying or selling a property in Indianapolis, particularly in revitalizing areas such as Fountain Square and Fletcher Place, below is an Interesting article in this week's Indianapolis Business Journal about appraisals (see link).In short, with recent strong demand & price increases in some gentrifying neighborhoods, appraisers are quite cautious to give higher appraisal values for various reasons, including regulatory/legal reasons.Additionally, it is further compounded by the fact that sales prices and property values can change significantly in the matter of a few blocks in Indianapolis, so often it is very difficult for them to find true "comps".  

It meets all the zoning by laws for set backs with its current foot print but fails to meet the zones 1 acre lot minimum and 150 feet of frontage ( 92 feet of frontage on a cul de sac ). 

@Jake GoehringIn my opinion, if you don't already have a source you can go to, (such as an attorney well versed in private lending and a CA mortgage broker who is licensed) to ask about legal, regulatory and compliance issues regarding residential lending in California, you shouldn't be contemplating doing it.

Small lot with no setback are some cons. 

Account Closed make sure before you make an offer to check with the municipality regarding zoning, lot coverage, setbacks, utilities, permit fees, tap fees etc. 

It's probable that your real estate investment career will be replete with setbacks and successes, both of which will help you develop as an investor.

Since no permits were pulled, all permits had to be applied for and penalty fees were added.As individual trade permits were done and fines paid, the order was to have the structure removed or relocated 10 feet towards the house because of a setback line.

Be sure to address your approach to mitigating important risks to investors such as legal and regulatory risk from the cannabis space, but also the collateral coverage in the event one or more deals go belly up.

Despite the challenges, there is such solid employment and growth in the area, that it would take several major setbacks (or several employers moving away) to stop the appreciation.

If there are not complaints from his Tribe then not much will happen I bet on the regulatory side of things.