There is some uncertainty about how the market in this above area is handling the Pandemic impact, but I'm willing to wager that Government money and contracts + extra stimulus are keeping demand up.

However, my wife has no risk tolerance for taking loans to perform these project for fear that if something goes wrong, it would negatively impact my family. 

We just rely on the appraiser to provide comparable sales (in terms of number of units) and comment on anything they think would impact the value or marketability of the project.

Be careful what neighborhood you buy in because that will impact your potential future rents, appreciation, and resale value.

Smart people of moderate means used to be able to avoid college and take what were essentially IQ test for jobs, get a good job and flourish, but those are illegal (disparate impact, Griggs vs Duke Power). 

How would that impact you?

Get an inspection so you know what kind of impacts to Capex can be expected and work it into the deal.

Also have to make sure the former mine has not been used for dumping (it is not uncommon). definitely would want to assess potential impacts especially if buyer wanted to change use... 

How will this crash impact real estate investors as a whole?

I'm looking to understand how to evaluate good markets to invest in especially now that we are entering a new world impacted by Covid-19.