1st time deal with possible new construction in Washington

[Charles Heard]

Good evening all. 

My brother has come across an opportunity for us on a potential opportunity that would involve a rehab and new construction. This would be our first deal and I wanted to get some feedback before we start looking around for investor opportunity.

The property is located in Bellevue, Washington. It is a 3.85 acre lot with an older 4/1 house. The asking price is around 950k. 

My brother said that we could divide the land and build three new 3000 sq ft 4/3 houses and rehab the original unit. My brother works in the area of Bellevue and tells me the comps are between 900k and 1.25m for new units. He tells me that the market up there is hot and that we could try to pre-sell the houses and let the buyers pick the materials as it is being built.

I am just wanting to know if anyone has some advise or any thoughts before we move forward.

Thank you,

Charles