I do understand wanting the highest rent to purchase price ratio, and I would assess markets based on that, if that is the route you are going.  

The home is in a great neighborhood, and I expect it to appreciate greatly based on new development and being centrally located within the town.

WARNING: THEY will Steal youR money and DIP You were trying a base plan and add-on at the time, though a lot has changed since then and cancelation is smooth if you decide to leave.

The broker found a lot for sale that appraised at about $60,000, but since land wasn’t selling without owner financing, and the seller needed cash, he accepted an offer of $18,500 for the land.  

It varies significantly based on traffic and location.

If luxury home  was built on land it can sell for 2m.

That is where it can get a little tricky based on W2 or only 1099 income from your business.

I was able to negotiate a package that included the land, some of the materials, and the permits to build it.

Cities are required to select sites for new housing developments to address the housing shortage, but when cities are located on peninsulas with a finite amount of land there is a limited number of feasible lots to build on.

Recommend you pick a piece of land in your area and do a line item analysis and post on here.