Purchased 7 acres of land for $20k...now what?!

[Kristopher Russell]

Keeping it simple:

I purchased 7 acres of land within 1 mile of a private university. Zoned for residential (single and multifamily, attached and detached). Only 1 house on the land which is too far gone to be renovated so it will be demolished soon. Minimum lot size required to build is 6000 sqft. 

I have a few strategies in mind: B(uild)RRR, sell the entire lot (least desirable), subdivide-entitle-sell, subdivide-build-sell, build a few multiplexes and rent, or even a combination of a few! The surrounding towns and cities have huge land development plans in the next few years also!

This is my VERY FIRST DEAL! Since my only risk in the short term is property taxes, I'm giving myself time to figure what's the most profitable strategy to use (preferably one that allows me to hold on to some of the land and create cash flow). 

I'm very interested in hearing what the experienced and new investors in the BP community would do with this deal.

Thanks!