Do I continue rehab or attempt to redevelop property?

[Erich Dellinger]

I have been fixing up a duplex in Lakewood for the past year or so and as more hidden issues arise, I am beginning to wonder if it's worth dumping more money into or planning our exit. My background is in residential subdivision construction and entitlements so I am not as savvy on vertical construction budgeting / running profs as I would like to be.

I have two options I am considering, the 2nd option is what I'm seeking guidance on:

1) See the renovation through to the end and using it as a long term rental -- I don't think it will net much profit reselling down the line due to the cost of major renovations that would be necessary prior to reselling

2) Subdividing into 2 duplex lots and entitling the property to either sell to a developer / develop myself. I would appreciate any guidance on how to find comps for entitled, development ready land or finding a partner to develop the property with. Please note that the lot is large enough to legally subdivide into 2 lots, is allowed by zoning, and a majority of entitlements could be ran through my engineering firm making it relatively cost effective. 

Thank you in advance!!