We (my husband and I) bought this property as an investment property in December 2007.
Our initial plan was to rent out the house and ultimately sell the back half of the property to a builder.
This lot is a 50 x 100 lot and normally in Portland, a lot of this size is not dividable but because the property is on a corner and because the zoning of the lot was R2.5, we knew this was a doable plan.
But ultimately without a sewer or water available on our side street (Buffalo), it wasn't that sellable. So, we decided we'd keep the whole lot and have 2 houses on it.
Investor loans are relatively cheap these days and the city of Portland has waived some very expensive system development charges (SDC). Our return on investment promises to be good!
The city encourages this kind of infill housing as state policy limits developing land and a denser city makes for easier service provisions.