... and while the ramp up in new housing availability is just now - 13 years after the crash - approaching levels not seen since the ramp up to the crash?

So, Raleigh is a great market, and a difficult one to get into for beginner investors that don’t wish to pay market level rates on properties.

You have three months to decide if you want to buy and the price is held at the same level.

Due to the increased complexity of new construction, vacant land does not see the same level of competition as traditonal 'fix and flip' / distressed properties.

And in CA laws in many counties have changed see  LA county that those lots created before 1920 must meet modern lot standards to be recognized again.In Portland were I work its much easier and its one of the ways to really makes some good dough when the seller does not realize they are sitting on multiple lots that just need and over the counter lot confirmation to revive the existing lot and make it buildable.but in your instance, it sounds like At the county / city level they are not recognizing the underlying lots.. there for the contract cannot be prosecuted and closed as written. 

I am not a new investor but I am looking to level up into apartment complexes.

Starting with high level factors (i.e. demographics) and the go into the granular (condition of property).1.

The lower level was also gutted and cracked walls were reinforced.

Big banks do not focus on mortgages like your local mortgage lender does, therefore you might not get the level of service you might want. individuals usually want to rate shop, but it is more important to find out what the payment is going to be rather than shopping for the actual rate.

On one hand I don't like this on a personal level and feel that it is none of the landlords business, but on the other it is their property and as long as it is applied equally then so be it.