division&build / tear-down&build
Hi, this is my first time posting here. I own a ~5500 sqft lot zoned for LR1 with a 80 year old SFH on it around Northgate. The house is currently a rental in good shape with okay cash flow. I want to explore the options of building townhomes on the lot and get a bigger return.
Right now I can think of two plans:
1. tear down the house and build 4 townhomes on it.
2. keep the old house, divide the lot up and build 2 townhomes on the extra lot.
My question is that:
1. what is the construction costs nowadays for the above 2 options. I am leaning toward a more hands off approach.
2. Suppose if I pick one of the option, how to get the process started?
Thank you all!