Your second point about utilities selling high and buying low is one that annoys me. 

The rent here is low if it’s not for housing.

If it's 35 or more units consider an on site leasing/maintenance team instead of a traditional property manager.I say the above as a friend who hopes you will give your investment the same attention and respect you paid to earning the money you invest in the first place.

High density and low density lots.  

Wholesaling can be done with a low barrier to entry and relatively low risk of capital.

Here are some details: Top bottom duplex Purchase price 440kTurnkeyDownpayment - 55k Both units vacant2/1 upstairs - $1500 market rent (long term)3/2 downstairs - $2500 market rent (long term)Newly renovated Central ACSeparate electric meter 1 water meterInterest only payment for 5 years - $2567/monthTax - $500/month (appox)Insurance - $150/month (approx) Cash flow - $391 (after taking into account vacancy, property management, maintenance and capex reserve)ROI - 8.5%No prepayment penalty If used as Airbnb, ROI can be higher

the plan is to buy the land and start building right away on the two lots that are ready while the other lots are mapped. the market I am looking at is solid, low DOM for any good listings in this area and the city is going to waive a lot of fees since they want the housing and I am working on an infill project.

The main reason I am still considering it is because of my extremely low interest rate.

Rural areas are typically defined as areas with populations of fewer than 35,000 people.Use: The property must be used primarily for rental purposes and provide affordable housing options for low- to moderate-income tenants.Developer/Owner Eligibility: The developer or owner must meet specific eligibility requirements set by the USDA, including financial stability and experience in property management.Income Limits: The tenants who will be residing in the multifamily property must meet income eligibility limits set by the USDA.

Low purchase price and owner-occupied loan to keep down payment and carrying costs low to fund the construction costs.