Subject to zoning could be apartments, self storage on extra land, sell lots, etc. 

Just land.  

Especially if the house is in a bad shape, some don't have the vision to go past that and they are giving you a lower ARV.

Land doesn’t depreciate, and while buildings require maintenance, they usually gain value as markets grow, demand increases, and inflation takes its toll.Real estate investors benefit from a significant tax write-off based on the concept that properties lose value over time, even as their market value skyrockets.

The home is in semi-rough shape... liveable (barely), but certainly not rentable. 

TxDot has made an offer on a portion of the land for upgrades. 

He paid for common area access, built a bed in his Land Cruiser, pocketed the rent but we had agreement on what the pocketed money could be spent on (seeing we were paying the rent). 

I'm currently working with another investor in developing vacant land. 

Make sure you know the impact that adding an ADU will have on any rent control. 12) investors seldom include the land value in the overall ADU costs.

That's what I did.I'm not saying don't go for condos, but really do your due diligence on the HOA to make sure they are in decent shape so you don't get hit with bills later on.