Buy & Hold Property built on a "double" lot. What do I do?

[Taber Roberts]

I've owned a rental property in the Kirkwood/East Lake neighborhood of Atlanta for over 10 years. The 100 year old 3/2 house is built on a "double lot", which gives it a nice size yard for intown living and a nice feature for prospective tenants.  

I'm happy with the cash flow I've realized over the last 10 years, but I wonder if I'm leaving something on the table.  It seems like I should be doing something with the other half of my lot!

• Can I split the lot and sell half of the lot that the house isn't occupying?
• Should I build another property on half the lot?
• Is there anything else I should consider doing?

I have an existing mortgage on the property so I'm not sure how that impacts my ability to "split" the lot/property.  Does anyone have experience splitting lots in Atlanta or Dekalb County? Any horror stories? Is this even feasible with a mortgage? Thanks for your input and time!!

[Michaela G.]

it also depends where the house is sitting on the property. Does the extra lot have road frontage? The zoning in your area will tell you how much frontage and sqf are needed for a conforming lot.