Properties can be purchased in any economic environment as long as you use the correct strategy. 

I think a lot people are feeling your sentiments exactly and esp. in an environment like this, you're feel more and more anxious than usual. 

Great input and incredibly well stated!

If you grab a panel of SEASONED investors and asked them if a projected NEW SUBDIVISION of SFHs is the best investment decision to make in this current environment, I think all or most would say definitely NOT!  

Next is financial feasibility.Once you determine there is demand and the numbers make sense you look at the land itself in terms of shape, topography, proximity to utilities, access to amenities and the local environment for development including the process and timeline with the city and county and public appetite and desire and or opposition.

Don't forget that real estate can be incredibly simple if you want it to be.

A confusing environment it seems. 

Or is that an incredible stretch?

There's no shame in that, you will still be light years ahead of most, and you will be incredibly knowledgeable on the subject by that time. 

Purchase price: $35,000 Cash invested: $120,000 Full remodel on a old Victorian style home. took months longer than expected, took far more money than budgeted, and I am incredibly thankful that i did it.