How do you determine if land could be developed/go about it?

[Ryan Dossey]

I have never ran into something like this. Just got a call off of our Facebook page actually (first lead from FB). Guy has land in Lake Saint Louis MO. Very active/Higher end area. 5 Acres of land with a Barn and 2k+ Sq Ft home. Home has some fire damage. I am thinking it could be a great opportunity to find a developer and build a small subdivision. 

Is 5 acres enough for a project like this? Existing home has some fire damage and he is asking about what the home would be worth not damaged due to the value of the land. 

We would have to partner with someone more experienced as we don't have the know how to do this on our own. I know several of you guys on here develop land and build new homes but I didn't want to reach out uninvited for advice.

Thanks guys for any help/advice. Going to see the property tomorrow.