Building new homes on a site or 2 story apartments

[Carl Gipson]

we have an opportunity to buy 1.2 acres in the best school system in the state for $90k. It’s been surveyed as 4 separate lots all 67x200. 1 lot has a house that could be torn down.the other 2/3rds is flat and cleared. Adjacent is an apartment complex that’s 250-300 units. I have bought and renovated a few residential properties, and have made out good so far.... but never a project with this opportunity before. The sale of the property to us would be contingent on it being rezoned to multi family, unless we do a couple new residentials and at worse lease them, but try and pre sell or sell on a timeline. The zoning office sent me what is needed for rezoning, and also told me that if changed that size property is green lit for 20 rental units. I’d say 2 story to stay out of higher cost projects like sprinklers and elevators. So I’m guessing that now it’s simply do the dollars make sense. Any input is much obliged ( even the your nuts comments ). Thank you