What Can Be Build on a Vacant Lot?

[Marc Possoff]

Looking to build on our 14x51 vacant lot. At first we were going to build as an investment rental or a flip. We decided to look into building as our primary residence. We are in our mid 50’s and it would be nice to downsize in 3-5 years. 

My thinking is sort of a loft style / 1 floor living because this would future proof us in our old age, don’t have to climb stairs etc and easy maintenance. Would also be nice to have parking somehow. The lot is located between 2 houses each 2 story. 

I imagine one floor and ground level a space for parking. 

Can something like this be done in regards to the other 2 houses on both sides and the other houses on the street? I’m sure in the 3-5 year range it can be rented out as a 1 bedroom or something. Thanks!