Well, we got a bunch of information back from our realtor as well as a ton of pictures and not much of it was good.
We found out that subdivision is possible, however due to the layout of the land and current building placements, really doesn't make any sense. We also found out that the current boiler is broken and needs replacing as well as a lot of the electrical looks questionable (although she wasn't able to confirm anything because the power has been shut off for over a year). Also, from the pictures it looked as though all of the fascia, decks, all of the outdoor wood is rotten or close to it.
I still think it would be an awesome project to undertake, however, knowing what we know now, the costs would be much to high to make it worthwhile. I appreciate all of the comments from everyone! Working on brewing up another idea as we speak.......