How would you utilize .7 acres of woods on your residential?

[Sharon Lee]

There's a residential property I'm analyzing and it has .7 acre of woods in the backyard. The woods are surrounded by other smaller wooded areas owned by others and it's the largest piece that goes across all of them (see photo). What are the options to make this wooded area profitable if I purchased this home? It's just sitting there.

I'm wondering:

1) if it's a rentable (or sellable) area for someone to just create a new home in the back.

2) if it would make sense to have a long driveway from the front of the property all the way to the back and create a house for rent 

3) if any of this is a waste of time or investment in general

More about property:

- 10 minutes away from Duluth's poppin' areas (good area)

- surrounded by mediocre to less homes

- good school district

- there's a broken down tiny home in the backyard...(I know, there's a lot going on)

Thanks!