First time buying land need some advice
I have been wholesaling properties for the last 6 months and doing ok with that. But what I thought was going to be another wholesale deal has changed into a deal for 11 acres of heavily wooded land in a very well established community outside of pittsburgh. Close to shopping, transportation, etc. The 11 acres is broken down into 6 various sized plots of vacant land. 3/4 of the land is on a gentle grade, the other 1/4 slopes down fairly sharply into a small valley then up the other side. I tried to pull some comps but there is nothing close that I can compare it to. The owner wants $330k. I found several other properties approx same size but in a more rural area within 5-10 miles asking from $98k to $150k for 12-13 acres of farmland but close to developed areas.
In the community where the 11 acres is located, a house ready 1/4 acre is going for about $60k. On one hand $330k seems to be ALOT of money for a heavily wooded area, that is going to need significant deforesting and land remodeling just to make it a ready for roads, utilities, and drainage. Not to mention the rezoning issues sure to arise. In addition to that I don't have the money to buy the property at any cost.
Heres my questions:
1. Are the comps I was able to pull actually comps?
2. If comps are good what would be a good price for the land offered?
3. Can I wholesale this deal or sign a right to sell contract giving me the right to market and sell his property for him for 30 days for $100?
4. are there any pitfalls I should know about whne dealing with land purchases?
5. what kind of info should I know about the property before I even make an offer?