Does the delay impact your plans with the property?

Even if that doesn't happen it sounds like flood insurance will get really expensive based on the chance of that happening.A friend that used to live in Cali said with cliff type areas a rise in seawater will not impact as much as the beaches.I know the rising water for a big impact is a long time off but it seems risky also with earthquakes and fault line.I am just an outsider looking in though.  

Also, I'm surprised that your property did not have a reputation from the student body, which would lead to an easier time finding tenants.

It may be wise to seek an attorney to begin an action for breach of the lease agreement, while seeking out new tenants.You should not operate on any advice I just gave, as special considerations in local law may impact your particular case.

The real impact to REI will be interest rates rising...

If you do end up selling it as a business investment adding $300 a month to the cash flow would have a large impact on what it could sell for.

I think the size of the house may have an impact and anything you need filled in like a pool is extra.

I am not sure if Google will have another campus ro continue to build where they are at.IIRC, there were 4 states that had minimal impact on the last recession - TX, OK, LA, and NM.  

I don't think siding will have any impact on how much you can charge for rent.  

As others have mentioned, areas such as Midland, Odessa, or anywhere in the Eagleford Shale region will be majorly impacted because a large percentage of those employed there are in Oil and Gas.