@Matt Geerts @Luc Boiron
Thanks for the input guys. Offer is in, waiting for results tomorrow. I do have a subject to inspection clause, so we'll see what happens. If the offer is accepted, I have already chatted to fire rehab companies to get them on site to check out & provide estimates ($150 ish for the initial estimate), as well as contractors lined up to walk the property. I expect a complete gut, new electrical/plumbing/insulation etc. if I am tearing things down to the studs, might as well rebuild it right. My offer is low to reflect the rehab needed. Heck don't know if there are any other offers on the table (all were to be presented this afternoon), or other cash offers (as their last accepted offer walked due to financing). I do have an ernest money deposit amount on the offer, so it is something out of pocket to hold the property.
I'll check into zoning, and start searching around on how to look at subdividing the lots. in there area there are no other lots that have been available in the last 7 years (according to the realtor). The majority of the properties in the area are large, with houses more or less in the middle. This house 'may' be sitting far enough forward to add a 60/120 lot behind it (had a detached 2 car garage that could get torn down on that section of property).
Subdividing is defiantly something I had thought about, but don't know the first thing about (Guess I'll dig and find out more). Building a new home from scratch is even more daunting than bringing one down to studs and re-finishing.
As for sub-diving through committee of adjustment. what your are mentioning is sell a lot, subject to committee of adjustment approval to subdivide, and then, when a buyer is found, apply with the buyer's name on the division paperwork?
That gives an other good exit strategy, even if it is tear down the home, and sell 2 / 3 lots to other home builders / private parties.
Sorry for the rambling disconnected thoughts. exited, nervous, and happy to be moving forward. learning a tone. The fire hose of knowledge is tough to drink from, especially with a day job, and young kids running around.
Andy