Deal Analysis: Lot Split Build New Construction

[Dado Vucak]

Hi all - 

I'm looking for some advice in terms of what do with my current primary residence.

It's an old 1900s farmhouse (on septic) that has been remodeled and sits on a flat half acre lot with a 600 square foot detached shop. 

My plan was to do a lot split (short plat as we call it here) and build a duplex on the new lot but after discussing with the city, I can't do that as duplexes are prohibited under the current zoning regulations. I've included a screenshot below for reference in terms of what is/is not permitted. I also asked about potentially re-zoning to which they mentioned the application fee is $7500 and it's a 50/50 shot to actually get it re-zoned. 

It's also worth noting that the property does have an easement that allows the local power company access to the tower that you see in the photo below. 

I've run numbers on hundreds of rental properties at this point but this is entirely new territory to me so I'm not quite sure how to analyze the different options or where to even begin.

For what it's worth, according to Rentometer, the median rent for a 3/2 SFR is $2100 and a 3/2 duplex would be around $1800.

Zoning:

X = Prohibited 

P = Permitted

R/A = Permitted upon reviewed plans