Need help analyzing a deal

[Ben Gradert]

I've been considering acquiring a fix-and-flip property situated on a large acreage, with enough land to potentially split into lots. When evaluating such deals, when does it make sense to purchase a property that can be fixed and refinanced to maintain ownership, while also allowing for the construction of a duplex on the additional lot, thus maximizing the return on investment for both the lot and the property?

Example of the deal I'm looking at: Purchase price (240K) ARV (350-400k), rehab (50-70K), home sits on 2.6 acers, the lot is flat but has trees on it.