Building a 2 story apartment on my commercial property

[John Ho]

Hello BP investors, I own a sfh in Houston off 610 and 45N. Near Independence Heights area. I thinking about building a 2 story apartment building. Around 1000sf ft per unit. My guesstimate is 160k to build from start to finish. Which equals out to 80 dollars a sq ft. The property is zoned for residential/ commercial use and the lot is 6000 sq ft. With a 1000 sq ft home on it. 

My questions are- is build price projections accurate?( need just the basics nothing fancy a brick front with hardi plank sides. )

Will tenants want to rent in a building that in a back yard? 

Will there be issues permitting the build though the city? 

After build will value and price increase significantly?

The current home is in great condition built in 1960 but remodeled. 

Land value in the area is 60-140k for 4000-8000 sf ft lots.

Will it be worth it to build there?