I mean if you happen to have an extra $20,000.00 to play around with it might be worth gaining the experience if it can provide you with a new strategy for forced appreciation or increasing the expected rental income. 

With the location on the edge of an improving and re-developing downtown, does that increase the value of these proposed new homes despite the existing ones?

There are several different neighborhoods with varying rent prices and also varying year-to-year(YTY) rent increases.

Most likely she wants a two year lease to avoid a price increase, and is happy with where its listed at now. 

If you got a couple more quotes, it might really increase your cash flow. 

The moral is one has to have reserve account for uncertainty. 

If you are going to rent the lot and buy the home you may find your expenses increase.

Will my property value increase?

Incomes have barely budged, and consumer debt is increasing again.Housing prices in North Las Vegas are rising so fast that many communities are no longer affordable.

It sounds like you have been preparing yourself by listening to podcast and reading to increase your RE IQ and now I believe the next step is to take action and buy something.