Buying rental home with extra deeded lot

[Brian Rosher]

Has anyone had success buying a house with an extra buildable lot?  No subdivision would be required to build a single family home on the lot, special use approval needed for a duplex which would face neighbor opposition.  I am considering an offer on such a deal.  I suspect I will need to pay retail for the home which will cash flow only $50/month and is turn key.  The lot is worth about what my 20 percent down payment would be, so I would end up with the house for "free" if all goes well.  

Thoughts?