There a few good strategies with this development opportunity in popular North Portland zoned R 2.5!  Per the city of Portland you can do one of the following scenarios…

#1.  You can demo the house and build 4 homes with a common wall and create a condo/HOA right now.

#2.  You can demo the house and build 2 duplexes right now.

#3.  You can demo the house and build 2 single family homes right now.

#4.  You can rent the house for a year or so and do a land division.  This will result in four individual lots which can hold 4 detached single family homes.

Portland Maps link: CLICK HERE              Property will be vacant at closing!