Building up on a value-add, single level, coastal CA duplex

[Jon H.]

I'm interested to hearing experiences from those on here that have invested in construction projects on properties they own. We've acquired a coastal duplex in Southern California and are looking at the options to renovate cheaply or build up now, investing for better CoC and resale down the line, details below and happy to answer any specific questions about the property if you want to chat in PM!

Unit Specs:

- Single level - 2units (2bd/2ba each), 2k combined footage, detached with carports and small yards, plenty of off-street parking on the lot.

Area info:

- Few blocks from the ocean, zoned as high density allowing 3 stories up to 35 feet with coastal commission approved plans

- Neighboring lots are multi unit (some 8+) and 2/3 stories, we're one of the only remaining single levels.

My main concern is building costs, timeline and mainly being inexperienced in larger scope construction projects. We've done a handful of $100k or less renovations but never new story builds/extensive framing/permits like this, it's always been cosmetic and repair.

Seems like it comes down to having the right financing (which we have) and construction crew you can trust (which we are vetting). If the numbers work, would you pursue a 12mo permit/build process in 2021?

Thank you in advance!