R6 Zoned property - When could this be attractive?

[Phil Oduse]

I'm a newbie investor - learning the ropes.  I was recently driving my area and identified a home ( 2 storey - 3 bed, 3 bath - 2300 sq ft in decent shape) in a nice neighborhood in Portland that is zoned R6. The house is only a modest plot of  0.6acres , however.  Property is being offered at market value.   Under what circumstances if any, could such a prop that is zoned for multi family development be attractive to an investor?  How much discount off market value would we need to achieve to make this a viable deal?