To reach the property from Hwy 331 and 98, you should go east to the first light and turn left on Bay Dr. (not right to Grayton). Go north on Bay Dr until you reach E. Pt. Washington and turn right on EPW. Go approximately .5 miles to Oak Avenue (the second road) and turn left on Oak Avenue. The lot is approximately .25 miles north on Oak Avenue on the right side of the road. It is six lots back from the bay.
As for wetlands, there appear to be some. However, all lots surrounding the said property have been developed or delineated and are all buildable. Considering this lot is an acre in size (165X270), there should be substantial area in which to build and at the same time not have your neighbor right on top of you.