I realize this is less of an investing question and more of a general economic question.

I would say it is worth it if the market is starving for economical housing.  

Look at the economic factors that drive this and see if its external fabrication.  

I have talked to the head of economic development of the city and he talked to me about the zoning codes and limitations of constructing a new building.

Adding twenty years of withdrawals (and twenty years of market/economic risks) pushes the withdrawal rate down (and the success rate I would presume as well). 

Due to recent declines in the energy sector and the resulting economic slowdown, Houston has begun to exhibit a softening in price growth.https://www.recenter.tamu.edu/articles/technical-report/Texas%20housing%20economy%20leading%20index%20construction

We looked at a property like this and the cost to bring all the units up to code even if we had gotten the property for land value would have not made economic sense.  

At the moment, I'm a year away from graduating with a BA in Economics from Columbia University. 

Any macro economic metrics?  

I appreciate you working to a point where it makes economical sense for you to step away from your W2 job.