My most recent build cost I put together for a house build on an empty lot was at $300/SF as base cost.

Yes I still paid transfer tax based off of the assed value.

However, the return on an investment in real estate is usually calculated from the perspective of ROI and Cash-on-Cash return, which is based on the cash flow on the deal. 

DSCR loans can also have flexible seasoning, meaning you can cashout refinance quicker based on the new appraised value.

Based on the criteria you listed, I think our market may be perfect for you.

For instance, if your property is listed for sale below its appraised value or if you reduce the asking price during the listing period, most lenders base their lending decisions on the lower of the two values.

I hate to say this, and I may be wrong, but in order to maintain the status quo, we may need another large attraction to draw more people to the area, a big splash to keep them coming at the pace of the new construction.  

Drawings will cost approximately $75-100K for a project of this nature, those would need to be completed beforehand in order to get approved for State & Federal HTC's?

The town and area has great economic draw for new people.

Keep plugging away and you will find your success....Your success is based on the work YOU put in....