Old home (1925) on 8.4 acres 1.5mi from I-85 35mi to Charlotte

[Eric Gamble]

An old home built in 1925, with abestos siding is for sale in a developing area outside of Charlotte, NC for $70,000. This home is on 8.4 acres and only a 30 minute drive to Charlotte (45-60 with traffic).  The highway is in the final phase of widen and should be completed by the end of 2019. It has been on the market for 24 days.  Should I tie it up do due diligence (to see if there would be an issue subdividing the land for multiple homes?

I am missing something? Is this an opportunity for green field development or not, depending on the town's desire and what the land dictates (even if each parcel required septic)? 

Many thanks!
-Eric
-Newbie at new construction (don't roast me to badly)