At the current price, adding the additional lots would make them about $30,000 per lot, depending on the price of the additional utilities that need to be added. 

@Tim Ryan I should have said the unit is uninhabitable and by rehabbing it will produce rental income, so a years rental income/ capital invested = CoC return?

Everyone on here is saying that you can do it, but it's definitely not possible if you don't have a lease in place on the unit you are currently living in or can show you are living somewhere else with a utility bill or rental lease  to demonstrate that you are not intending to live in the subject property.

@Chirag Mehta For construction costs, you should be around +/- $100 PSF which would include all sitework, utilities, and going vertical with modern finishes.  

But if hold on them for awhile and pay them off, then your family and kids and enjoy the income they produce.

That means if you could get $6,250/mo, have zero repairs, zero maintenance, zero capex, zero vacancy, provide zero lawn/snow/landscaping, pay zero utilities, and pay zero management.

I understand the first parts where creating a win-win deal is key, I just can't seem to find what happens  When it comes to closing real estate transactions, there are basically three ways to do it: (1) do it yourself (2) utilize real estate attorney or (3) utilize title co.  

Quote from @Zachary Deal: A lot of investors utilize the BRRRR strategy in those markets as there is relatively high rents compared to the value of the properties!  

If you can live for free and only pay utilities AND buy an investment property, that would be ideal in terms of savings and cash flow.If you can't stay and your parents want to make some money on that property, then yes, house hacking would be your best option especially since you don't want the best place in the multi.

I do not have my numbers as well organized as @Greg Scott but my estimate is upper 20% annual return on average.The 3 i am currently invested in, one seems likely to produce an outstanding return (High risk, high reward), one is conservative and is performing to projections, and one i have significant concerns about but has not had a capital call.