Buying a distressed house suggestion

[Nami Sharma]

"I'm considering purchasing a distressed property priced at $300,000, which requires a complete rebuild. This property holds potential as an investment property. Nearby single family homes are around 700K. I have two options: either convert it into a single large house or create two separate units to rent out. As a first-time real estate investor, I'm seeking advice on whether it's a wise decision to acquire and work on this property. Any suggestions or recommendations?"