My partner and I are currently looking at sub-dividing our property through a retain and build, which is approx 25m by 40m on a corner block, into a 450-500sqm block. The property was purchased in 2006 and is currently worth 240-250k. We need to put in approximately 15k to get the retained house up to standard, more time than money as such. We are currently looking at some housing plans to determine the best ROI but are unsure as to the best way to go about it. 1. Build the cheapest house, small 3br house, low maintenance gardens, for first home buyers or investors. (another investor across the road from my house appears to have done this). 2. Same as above, but with some features such as nice facade, kitchen, bathroom etc. 3. Large 3br house, or small 4br house 4. Large 4br house with minimal land. Our concerns are that while other nearby towns are severely limiting development, our town is not as such, and several housing estates are being developed, but there are a number of houses in the area that have already been divided. This is our first investment, so keeping it simple is the idea. But we would be interested in any advice.