What you want to have is enough completed that it doesn't look like a total construction site when you take pictures or bring people through. 

Location, type of construction, school zone, and the possibility of good equity accumulation.

At least, that's why I live in a construction zone.So this permit is really old, and the mechanical rough happened probably 5-1/2 years ago. 

I would not recommend this for a first timer unless you have construction experience and prior experience with a local Architect to assist.       

The process of sharing other contractor's bids in order to negotiate a lower number is called 'bid shopping', which is generally frowned upon and considered unethical in the Construction industry.I understand you want to get the best deal and make the most money on your projects, but Contractors are the lifeblood of a rehabbing business and your Contractors need to make money too!

Its sitting on a 4,356 sqft lot, hoping to construct a two story townhouse style duplex.

James had some new construction a few years back that looked like pretty good deals to me for long term landlord.. at least your starting out with everything brand new..  

Also, some SBA lenders allow for ground up construction if you wanted to pick out a lot and build on it. 

My wife is a real estate agent and has a former client (who she sold a home to) that has tasked her with finding 3 new construction single family homes that he can purchase around the Atlanta area in the range of $300k - $375k apiece.

The lender will look at how the ground lease is constructed and the value of it with a tenant guarantee for the length of the payments.A ground lease with 25 years primary term and annual rental increases can be seen as more valuable then a ground lease of 25 years but 5 or 10 years primary then option periods.