Palolo Small Lot Opportunity

A 2,550 square foot lot, zoned R-5, in Palolo with a small "tear down" condition house has just listed by Inspired Realty LLC. Its list price is $450,000. 

I wonder what redesigns of this lot can look like? Is 2nd level living area a possibility with parking under the living area? Could it be designed with driveways on 2 sides of the lot? If someone was looking for small footprint, efficient living, does this have the potential? 

I'm just curious because I grew up a few streets down from this area and I loved living there. It would be nice to get back into my childhood neighborhood. A nearby neighboring property of the same land square footage with a house in poor condition sold in October 2016 for $445,000 cash. 

1768A Palolo Ave, Honolulu, Hawaii 96816
MLS 201707542
Listed by: Inspired Realty LLC