Is this a good deal?

[Carl Morgan]

I have the opportunity to secure a property through inheritance. Would need to buy out two other heirs. Property appraised at $950k, so I'd have to buy them out for $633K (950k/3 x 2) Currently there are two SFR on it that can rent for $2,500. The real value in the property is it's zoning and that's why I'm considering it. The rear unit is a tear down, but the front/street unit would stay. We can have 10 units on the property (FAR will allow for 11,000 sq ft of living area). It's 2.5 miles away from San Diego State University.

The unknown is, how difficult and costly is it to build those out?

Thanks in advance for your comments and criticisms!