Plenty of options here. Let's not pretend though. This is a much loved old cottage that needs a truckload of work however, if you want a cheapie in a good spot on a block with sub-division possibilities, this is it! Deep Sewer and Natural Gas are connected and you have 2 street access.
Maybe you are not ready to develop just yet and want to keep a cheap rental in place for a few years? Maybe you really like a challenge and are prepared to do the work? Maybe you should just bowl it mover and maximise the R12.5/40/50 zoning? (Potential to A maximum of 4 grouped dwellings. Information provided) Maybe, maybe, maybe!!!