House built 1940, 1800 sqft.

I'm not sure what market you are in, but assuming it is a smaller one (i.e. not Des Moines) you have an opportunity to be a big fish in a small pond.My grandmother did that in a smaller Midwest town (began 70 years ago) and it worked out very well for her financially and in terms of lifestyle.  

We are open to other areas in North Jersey but haven't found many towns that have relatively low taxes, close to nature and have a nice downtown.

We also have some towns that forbid them entirely.  

Every investor with a plan has criteria of what they want to buy.If you said, "I want duplexes with 2 or more bedrooms in X area of town that are side by sides." that would make me more likely for me to remember you.

The home was built in 1940 but I have checked it out and looks pretty decent.

I calculate them based on my "hold cost" which is built into my spreadsheet.

Im told by the local planner verbally that I could build a 1700 sq ft town house on it.

They were built in the late 1890s and have barely been touched in the last ~10-20 years.

I have built four (4) new construction duplex houses in NOLA, with another one currently under construction.