Significant rehab with lot bifurcation

[Nagendran Manidas]

I found a property in Austin area with a good 7000 sqft lot and a single family house built in 1950's. Planning to buy it in cash and then build 2 site condos (each of 1200 sqft). Numbers I ran seem to work for this with a good appraisal end of rehab taking into account demo, permits & constructions. What do you guys think of such kind of rehab?  Also what kind of financing I can get for this rehab project, given house and lot is bought with cash?