Do you think this is a Good Deal or Not?

[Sebastian Marroquin]

A friend has a LOT in the city of El Sereno, with fully approved plans for a 3 level 1800 sq foot home + 2 car garage. 

Everything approved already : ready to pay for permits with city and start building. 

Wondering if you think this is a good deal with the current market climate? 

LOT with Approved plans: $250k + ($32k for permits) : total : $282k (took about 3 years for him to get to this point).

Value after construction as of now: about $1.1 to $1.2 Million. 

Estimated construction cost: $450k to $480k 

Looking to see people's perspective? How are you thinking about something like this? Is it a good deal for an investor to re-sell? For a rental investor to finish the project and put a long term loan on it? For someone looking to live in the property? 

Thanks for reading! 

(El sereno) (90032)