You have to check cities and counties within the state too.

I've seen some pretty healthy asking prices for land where all entitlements were obtained & approved.Also, I do understand that there's a cost paid to the geotech, architect & city prior to approvals.But...

The 50% rule states that approximately 50% of EGI will typically be consumed by operating expenses.While the 50% rule provides a quick estimate, actual expenses can vary widely depending on the property type, location, age, condition, tenant mix, and market conditions.Here's an example: if a property generates $200,000 in EGI per year, the 50% rule suggests $100,000 would go towards operating expenses like taxes, insurance, utilities, and property management.

@Zachary Sales, state laws may differ so I don't know what your state does.

Part of me wants to cash out and purchase in another state which has more appreciation potential as I believe my local market has peaked. 

Vacancy rates:The overall office vacancy rate in Tampa is 9.4%, which is below the national average of about 13%.For residential properties, the homeowner vacancy rate is 1.0% and the rental vacancy rate is 4.2% in the 33619 zip code.Days on market:Specific data on days on market wasn't provided for Tampa overall, but the median days on market for homes is 89 days according to one source.Promising areas:The Westshore and Downtown Tampa submarkets have seen increased occupancy, with an uptick of 175,000 square feet over the past year.The Westshore submarket has seen its vacancy rate drop by 100 basis points year over year to 12.5%, hitting a four-year low.Rental property insights:Tampa has a high percentage of renters, with 53% of the population renting rather than owning homes.The median rent price in Tampa is $2,941.Market trends:Tampa's real estate market has seen strong appreciation, with a total appreciation of 129.39% since Q1 2000, at an average annual rate of 4.41%.The city is experiencing population growth and an influx of young, educated professionals due to increasing employment opportunities.Regarding your interest in a brand new construction SFR with live and work usage, this could be a promising investment given Tampa's growing population and the trend of people seeking to live close to their workplaces.

It's been pretty amazing watching the city's progress even since just then.

You should be using someone who understands these restrictions (if any) in your state/area.

We found more and more issues wrong with the property like the plumbing and state guidelines.

Have you tried to call the city or to go down there for a reality check?