How to generate income from large lot with rental house on it

[Deborah R.]

I am considering buying a large lot with a rental house on it.  

Is there a way to generate income from the large lot while tenants are living in the house?  

 The lot is 1.2 acres with access from two different streets.  The value is in the land.  If we buy this it would be with the plan to tear that house down and build our dream home in 5 years.  The house on the property won't rent for that much.  Trying to figure out if there is a way to make some more money on the property for it to make better financial sense.  

Thanks!