I bought a primary home in Fort Myers, FL in January 2012. It became a rental in August 2015. Ever since I have owned this property, there has been two empty lots for sale directly neighboring my property. About 90% of the lots in the neighborhood are exactly the same size (8,100 sq. ft.). The empty lots traditionally sell for 30K to 40K.
On May 22, 2019, one lot sold for 50K and the other lot sold on July 4, 2019 for 64K.
I just did a cash-out re-fi on the rental in October 2019. The appraiser estimated my lot value at 30K. It is exactly the same size as the other two lots that just sold for 50K and 64K (8,100 sq. ft.). I think land can be difficult to value.
The overall appraisal came in at what I think it should have (250K), so I am not complaining.