Ideas for developing acreage

[Danni Catambay]

Hi fellow investors! I have a real estate planning dilemma and I was hoping to mine your collective experience for solutions. Here's the set up:

• *12 acres of wooded land. Geographical features mean I can only reasonably build on five to six lots
• *tax value is $170K, owned outright
• *personal income is about $55K/yr, qualifying me for a mortgage of around $1200/mo, equivalent to a purchase/build price of about $235K
• *am NOT comfortable with sharing my own personal living space, but am interested in duplex/multiplex living (limited house hacking)

I am trying to decide what my first construction should be. 

I have done some research already and explored a few options. The neighborhood of the property has a mix of singlewides and older homes, with a few newer homes approaching $300K value. I think my property could reasonably support a duplex if the interior living space/rent combination made the units comparable to a singlewide trailor. That is my ideal strategy, but the construction costs put it just out of the range of what I can qualify for as a primary mortgage. A second alternative is to build a single family doublewide/mod to the max specs that I can finance, however doing so means that I wouldn't be able to house hack effectively since I am unable to share my living space with a tenant. 

Are there options that I am overlooking for financing or building? All ideas appreciated

-Danni