Most old houses it is about 4 ft at the perimeter of the room, maybe less. 

Would you suggest subdividing the property, building a single house, or building multiple cottages/ tiny homes?

From my experience working with over 400 investors, those who start with house hacking scale much faster.Good luck!

With your focus in using house hacking, Conventional or FHA loans would be your best options.

If you wanted to house hack I would stay where you are at and find one there.

If at one time the house had gas heat it may still be rated as gas.

If the house were in perfect condition, it would be worth around 250-275k but as of now, selling isn't an option because we may use that property in the future for our business. 

I own one rental house in Cypress, but with the current market I have not been able to find another existing single family home to buy that looks like a good investment. 

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don't be afraid of better markets in ohio like columbus. depending on the capital allocation buying old houses and having to renovate is not the only way to drive value. build rent refinance repeat and build to rent are both very strong market drivers as well and you can traditionally get infill land in areas like columbus in much better locations than where you buy.