If my target would be low income residents, are there any grants, tax credits, or funds available to help me with the conversion? 

I own 4 two/three flats bought between 2013 and 2020 in Forest Park, Illinois, at low interest rates and prices in 200000's  They cash flow nicely and prices have increased a lot. 

Note the property tax will be -10% on the rent by itself.Month 0 to 24: $2450 * 0.5 - $1573 =-$348/monthMonth 24 to 60: $2450 * 0.5 - $1541 =-$316/monthNext issue is due to the low leverage starting at month 24, the ROI takes a beating.  

Should I price the land 2 times above market value and offer a low interest rateORPrice the land at current market and use a very high rate?

Mortgage rates and PMLs are 8-12% plus points right now so the deal has to be a low enough entry. 

Create the payment that’s very low in comparison to what your keeper would bring in rent.  

You should see more deals and price reductions as we roll over into 2025 as well.If you need any help or have specific questions feel free to reach out or send me an email. 

Install low profile LED lights or wall sconces.If this is an investment property you need to be thinking about returns.

We also live in a reasonably low cost of living area compared to the rest of the nation where the home prices we are looking at for rentals are between $200K and $250K. 

I would connect with other investors and go to a few free/low-cost meetups to start and learn from them the strategy and how they learned to do what they did.