First Flip dimemma

[Justin Leithem]

Hey local Portland investors I have a question. I just closed today on a rehab project that I was intending to fix up and flip. I paid 150,000 for it and think that my $40,000 budget Will be sufficient to get it looking amazing. A comp sold down the street for $262,000 in a couple days so I'm shooting for something near that price point. However I also discovered that it is zoned residential high density which allows for a minimum of seven units with no maximum limit. Obviously the size of the lot will dictate how many units I could ultimately get in there but this zoning designation is pretty crazy in what it allows for developers to do. I'm definitely not a seasoned developer by any means and wasn't intending on developing this but I'm wondering what my best option would be to maximize returns. Have any of you ever dealt with this zoning before or have any advice for what I should do? If I decide to go big and add more units then I definitely would need to get an investor involved so that is something to consider. The property is located off of SE. 126 Ave. Near Stark. Thanks for any input.