Pasadena California rehab.

[Eric Henderson]

I have a contracted deal for Pasadena CA. its in a prime location 5 minute drive to the Rose Bowl. existing mortgage is a reverse and 406K is owing. Here's the thing,  its on a 8000 sq ft lot and recently zoned R-3-2 meaning 4 more units can be built at a resale of 500k per. Pasadena charges a 65k demolition permit cost for the existing structure (2 bed 1 bath) 1200 sq ft. it can be rehabbed in my opinion. Max value for end user that maximizes the entire lot is at least 2M+. I'm in at 575k great deal but I'm considering wholesaling it out for 1M is that realistic?