In regards to your current monetary situation, I wouldn't necessarily count on the $5k raise (you never know what will happen or will not happen).

If other properties very close by have addresses, then it’s simple to count the empty lots (with front lot dimensions) to find yours. 

However your student loans are counted as debt even if defferred.

My understanding is because it’s unfinished it can’t be counted towards the sqft and it sounds like the listing agent did just that.

@Kerry BairdAlthough the rental income may not count as actual income, lenders can take 75% of rental income on a one year lease or longer, apply it to PITIA, and add the net result (negative or positive) to your income/liabilities. 

First, you could do a cross-collateralized, or "blanket", loan on the 2 separately titled properties.

But unless you aren't good at property management, underwriting, can effectively source deals (wholesaling, or passing on deals from other brokerages doesn't count), legal or contribute the capital, nobody cares. 

Your .4 FAR for the lot still controls overall though.If you do this you could later condo the lot and sell one of the units and keep the other as a rental, or sell both separately.Some other things to consider: Once you go over a certain bath count (3.5, I believe) there is some scrutiny on the water lines from the city so keep an eye on that.  

I would not offer cross collateralization the banks can be very difficult if things go south.Also you need to shop several local and regional banks.

Do they count future rental income in that number?