My first Development Project. Any advise?

[Aaron Farr]

I purchased a brick rancher on 2.2 acres in a desirable part of Spokane, WA.  I'm in the process of getting the property subdivided.  It's been surveyed and so I'm about to submit everything to the county.  I had a preliminary meeting and it definitely qualifies for low-density housing and they didn't think there would be an issue with my plan.  Some details of my plan:

-Divide into 7 parcels.  One parcel will be the brick rancher which I will keep and sell at some point.  

-Paid 450K for the entire property and could easily sell the house for 350-400K even after it is parceled off.

-Build (6) duplexes on the other parcels giving me 12 units to rent.

-Duplexes will be one level ranchers 1200-1500 sq. ft per unit.

NEED ADVICE:  I'm considering making this a 55+ community.  It's in a great location for it and I am aware of other duplex communities like it that are completely filled with a waiting list.  They are getting $1800-2200 per unit!  

Is it a good idea to go this direction??  

Would you just go with standard stick built home or should I consider modular built homes?

[Eric Teran]

I like the +55 idea and all those types of communities around my area are completely full.

In regards to modular build I am a big proponent. I wrote a BP blog post that you can read here, https://www.biggerpockets.com/blogs/9522/68289-i-love-modular-construction-and-so-should-you. I also wrote another blog that gave a daily update on my modular home that I built last year. Let me know if you want that link.

A few things about modular for your project.
1. If you go modular you have to start modular with your design so find an Architect that has done it before. If you do the design first and then try to fit it into a modular layout it will be painful.
2. For 55+ I think you could easily fit each person into one or two modular units which will make the design pretty straight forward.
3. Shop around for the right modular company. Find one that has the majority of finishes that you like as one of their packages. Usually they are pretty standard and ugly.

If you have any questions regarding all the site development just PM me. There is a lot of stuff.

Good Luck.