This is a fairly complex question and you should have several professional advisors.
First is the value of a single lot worth $100K, it would have to be in a highly desirable neighborhood to bring that value today.
Then would zoning permit a division. Most often the former owner, developer maximizes the density when the lot is first developed. It is likely you will need to get a zoning change, this can be time consuming, costly, and far from certain. I acquired a 19000 sq. ft. lot in a 30000 sq. ft. lot zoning district and sought rezoning 3 times to build a home and was opposed by the community and lost. I eventually sold the property for a buffer at a profit.
So far you need an appraiser, a zoning attorney, a title attorney, you will need to present a plan to the zoning commission and you will need an engineer or surveyor to draw a plat and determine the setback and build ability of the two subdivided lots. This professional can also determine if utilities are available to the two lots and costs to deliver utilities.
Assuming it is possible to divide the lot, an assessment of is it advisable. Will the smaller lots be marketable. Just because you can divide the lots does not mean it is a smart thing to do. The divided lots may be less valuable than the hole lot. Often I've seen someone divide a lot and put the new home in the back yard of the old home. Not a smart move. Folding a $100 bill in two does not give you $200 dollars.
You need professional help and advice. Depending on the size, location, market dividing a lot can yield a profit. It is not simple, it is not easy and forget about financing. You need a minimum of $120K cash to think about this. It is a risk, be prepared to lose all your professional fees and sell at a considerable loss if there is a shock to the economy.
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My company does provide financing for this type of transaction. I can assit you with loan for the lot itself as you work to re-zone the property and then construction/perm financing once this is completed for a "Primary Residence or Second Home ONLY, with as little as 10% down" we don't allow for Investment properties. I do have outlets for investment property lending but it would require 40% equity position in the property? What is your intent with the properties once completed?
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Bruce has a very detailed answer for you. There are no simple answers to your questions. Finding out if it is even possible to divide teh lots and rezone would be the first step. Financing is going to be a challenge as well.
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