It depends on a ton more details about your personal situation. I'm doing the same thing at the moment and one thing I can definitely tell you is that it's taken WAY longer than I expected.
If you're going to build multi-families, why not build commercial? Food for thought.
I have been toying with this as well. In Ca. I am finding a lot of small cottages or small MF , duplex or triplex on large R3 lots.... the sellers know that you can add units so they massively overprice whatever pile of garbage is sitting in the front of the property... If I can find one I can BRRR or cash flow and put the development in my pocket for cash time later... I will. but you have to have a real expectation of the time and $$$ the city and builders will get out of you. My buds that do it say it takes a LONG time vs what you would expect.