Best type of investment property to build in a high-class area?

[Tyler D.]

I recently found some land for a great price in the best neighborhood in my city. After doing a bit of research it appears that I can build a home there for significantly less than it costs to buy an existing one. Interestingly, A duplex here would cost me around 350k all-in, which is less than it would cost to buy an already built one even in a rougher part of the city. Typical SFH goes for 350k city wide and 400-700k in this area. Duplexes are obviously more.

So this got me thinking, what would be the best type of property to build? It is a high class neighborhood, so maybe the best route would be to build single family and flip it. I'm a buy and hold investor at heart, so I'd prefer to build income property, however. What about building a duplex, a fourplex, two duplexes on the same lot, or townhomes? 

I'm looking primarily at maximizing rental income, and also having a strong exit strategy. If it's possible, having homes that I can sell off individually (IE, individual townhomes or half-duplexes) seems smart. However the cashflow from a fourplex could outweigh the benefit of the other options.

What are you thoughts?