multiple parcel deal,same owner, owner will do partial financing
Owner has 3 lots. there is a rental that has a renter that wants to stay( maybe buy ), a lot with a house that needs some serious rehab, and a lot that has septic,water and had a manufactured home on it.
We opened our discussion at 160 K for all 3. There are clean-up costs of around 40 K that are included in the 160 but that the owner, even though he is willing to do owner finance would really like to recoup in cash. I have not done my due diligence work and am actually considering these questions as the beginning of that process.
With that in mind I need to get a general contractor with experience here to take an ( Oh My God ) look at the matter, because I am thinking of putting some earnest money on the matter. Those 3 lots could have four rentals for around 200 K at an average of $750 per.
I am not sure how much detail to leave here but there is income potential that this area has gotten used to being a free perk but not far away people are paying for the perks alone.