$500,000 is on the low end of the value if you wanted to tear down a home or build on land in Elmhurst.
For example, if you found a plot of land or a "tear down" for $150,000 & it cost you $200,000 to $250,000 for demo & construction, you may already have $400,000+ into the property.
If you are looking to re-sell the property, you have to factor in real estate commissions & holding costs before realizing any profit.
As you see, $500,000 would probably be close to a break-even point before realizing any profit.
I know you asked this question back in February, so I hope you are well on your way with your plans.
Real Estate Agent
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