Is anyone familiar with the cost of getting such land buildable? 

If you have to change a water heater, which now costs around $2000 in Colorado Springs, that is a large unexpected expense that the owner has to pay for.

Those numbers would be ok, but do you have money for the downpayment, closing costs, capital expenditures, 15k for reserves?

HI Dean,You can always start off by house hacking meaning you live in one UNIT or ROOM and renting out the other vacant units/rooms to offset your monthly mortgage payment.There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

Normally, if the policy values the loss on Replacement Cost, they will initially pay the loss at the Depreciated value, once the damaged area is rebuilt, then they pay the additional amount (up to the limit on the policy).   

I was concerned that the houses don't meet the 1% rule but with older houses, you're losing in more repair costs. 

Living on low w-2 income, how were you able to afford the large down payments?

We have had a Strctural Engineer out to the property and while we don't need to conduct repairs within the next 5 years or so, we will need to address both of these things at some point and it will likely cost us about 100k.Any advice on selling or holding for the long term?

This is not typical and is costly additional expense on the Texas Gulf Coast. 

This change is significant for the financial feasibility of ADU construction in Chicago since water service costs can be more easily justified when collecting rents from two additional unit.Also proposes to allow larger units and to allow ADU construction in any zoning designation.