Feedback on Recent Land Purchase

[Jacqueline Carrington]

I recently bought a 0.175 acre lot in the Eastwood neighborhood of Kalamazoo, MI. I bought owner financing with very little down payment and cheap monthly payment.

The land is already in an established area with houses on both sides of the lot. I wanted to get feedback on the best way to utilize the land.

I want to build a house with hard money and either flip for resell or refinance and hold as a rental since it is about 10 minutes to Western Michigan University.

I would love feedback from locals (as I live in Southern California) on which route may be best based on the area, home values and rental prices.