I am intrigued by Fannie Mae loans but not getting as much info as I'd like on them despite shopping through multiple lenders, both local and larger.

I did a small commercial loan with them for a 6-unit and am curious what programs I might have missed when shopping!

For starters, you'd want to consider the location and general age and price of properties in the neighborhood, ratings of nearby schools, amount of crime, vacancy (homeownership and rental), plus grocery stores and shopping centers nearby.A lot of this info can be found online (e.g. school ratings, crime maps, property age, grocery stores and shopping centers), while some of it can be determined by driving the neighborhood and talking to folks that live in the neighborhood.Asking police about a neighborhood might give you some objective info on crime, talking to property managers might give you info on vacancy and rent prices, and talking to a real estate agent might give you info on property age and price. 

Yes there are some out there, but you know what, most realtors who have them, have already shopped that property at that price to their volume buyers. 

There is one here that is next to a pizza shop.  

Just shop around.

I like the idea of turning raw land into shopping centres, office buildings, and multi-family buildings.

You just need to shop around as every lender has different preferences and requirements.

It was just minutes away from shopping, and easy access to I-85, Mid-town, Hartsfield-Jackson airport.

I have been shopping for materials and between full kitchen, full bath, interior paint and floor refinishing it will be just shy of 7k before labor(90% of that labor will be my own work, aside from electrical and plumbing which will be licensed and insured professionals).