Potential development opportunity in WA state

[Paul Brar]

Hey guys,

New to BP but have been investing in residential real estate for some time now.

Came across an off market deal in kitsap county, WA state.

8+ acre lot with 2300 sq ft home in front of lot. Zoning allows for 2 lots per acre and existing home can remain during and after development. Entire lot slopes downward which allows most of the future homes to have views of Puget Sound and downtown Seattle skyline.

Lot is currently heavily treed. The types of homes that would be build here (3,000k sq ft with view and new construction) are currently selling for around 700k. The existing home could sell for about 250-300k without the land.

Total asking price 550k.

Vacant lot of 7+ acres right next door recently sold for about 400k with same zoning and preliminary approval of 15 lots.

I am new to raw development, what’re your thoughts on this deal and what kind of costs am I looking at to get a project like this off the ground?

Thanks for your input!