What would you do?

[Michael James Brooks]

So here is the deal I'm currently pursuing. The number match and everything is perfect, thus far. Offer has been submitted and I'll know tonight if it was accepted. this is a Bank Foreclosure. Some stats on the property:

ARV: $240,000
Asking: $159,900
Repairs: $15,500
Profit Desired: $20,000
Expected time to flip: 1 Year, as I plan to live in it for a little bit before I put it back on market. (This will also be my first real estate investment. So I can cut down on some repair cost since I will be doing them myself.

The following link will give you more detail:
https://www.biggerpockets.com/calculators/shared/4...

This property is located about .25 miles from the best elementary in it's county, which is part of one of the best school systems in Arkansas. It is also .35 miles from the most upscale neighborhood in the county. In this subdivision 1/4 acre plots sale for $47,500.

So here is my question. Would you buy and flip the entire property as one giant unit and make $20-$30k over the course of a year?

I've recently began wondering if it's feasible to get the property rezoned and have it subdivided into 7 lots because there is a road that cuts directly through the middle of the property. 1 Acre on the right can be subdivided into 4 plots and the side the house on is .88 acres and could be divided into 3 plots. The thinking is that it might be possible to split the property into 7 lots and sale the 6 vacant lots anywhere from 10-20k. Then once all the lots sale I can put the house on the market after it's been reappraised. If I break even on the house it's then possible to make a profit of 70-140k on the sale of the empty lots.

What would you do??

Also to give you a better understanding of my goals:

I want to own 50 properties that cash flow a minimum of $200 a door by 30 (I just turned 24). However I'm having to retool my strategy with a "How can I" mentality. I am trying to build up investment capital of 250k. This flip could net me between $20 and $140k which would be a nice start.

My background:

I'm an auditor for a public accounting firm and have worked for a contracting company assisting in project management for rehab of buildings exceeding $6 million. I have a contractor whom I've known for about 10 years who flips houses for a living willing to help me in future flips.