Demolishing a Property and Building from Scatch

[Josh Gaughan]

Hi everyone,

My name is Josh and I'm from Denver, Colorado. I'm completely new to real estate investing but I have some close friends who are fairly experienced investors. I have a question about demolishing a property and basically starting from scratch. I'm looking at a property in a really nice neighborhood in Colorado but the foundation of the house needs to be completely demolished and rebuilt. The property is about $130,000 and I'm assuming it will be around 250-350K to completely rebuild the house. I want to rebuild the house into a duplex/triplex/quadplex. Does anyone have any experience with this particular situation? Is it to risky for a first time investor? I included a picture of the property to give everyone a better understanding of what the house currently looks like. Thanks for the help!