Is it worth the struggle? Sfh in town with 4 acres to build up

[Kyle Steinmetz]

I have the opportunity to buy an existing single family home in town with 4 acres. In the future I would like to develop the land with duplexes if it would make sense. The purchase price is a little high $230k. I think the rent from the current house would cover the majority of the mortgage/ tax/ insurance payment each month leaving me to come up with roughly $150-$250 per month to cover the rest. It might be years before I am able to develop the rest of the property and the current situation is not going to cash flow itself.

My concern is about building cost in the future as well. Will a new construction property cash flow? The sewer and water are running all the way through the edge of the property so that shouldn’t be a problem.

Any advise?