Thoughts on this property rehab

[Mackezi Spear]

I have seen this property on the RMLS for quite some time now. I've included photos of the property sheet and its pics, but here is a google drive link if they didn't come thought on the post.

The home is located in a very nice area with a large ~1 acre lot, where the avg. home value = $600K and the avg. lot value = ~ 150K - 250k/acres zoned for 2+ homes. My aim would be to financing via a 203K loan (I do believe it will qualify), rehab the property (adding another bedroom and as much add-on sqft as we can, and after cleaning up the lot, subdividing it into two .45 acre parcels to either sell at a later time, or develop and place another property.

I realize that there are no photos of the inside, but I've been to the property a few times and after much deliberation my contractor believes it would take a total of about 60K-80K to fix up. With that said, it seems like there may be a pretty good margin here as a rental. However, I am wondering if this might be too big of a project to take on, and if so, why that is. I have renovated and flipped a few other homes, but nothing of this scale. Any thoughts or opinions on this would be greatly appreciated!

Kindly,

Mack S.