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Updated almost 6 years ago on . Most recent reply

User Stats

39
Posts
11
Votes
Sean M.
  • New to Real Estate
  • Charlotte, NC
11
Votes |
39
Posts

Will Additional Land increase Sales Price in C class neighborhood

Sean M.
  • New to Real Estate
  • Charlotte, NC
Posted

I am flipping a small home (858 sqft) in a C class neighborhood which is on .17 acres. The lot next to it is another .17 acres and according to the previous owner of 19 years, nobody has ever been to the empty lot. Taxes have been delinquent since 2013 and are currently $1800 in back taxes. I forget what podcast number had the guest who bought delinquent land, but lets say I could get the land for a total of $2000 after paying back taxes. The home right now comps at between $85k - $99k. Would another .17 acres, for a total of 1/4 acres, pay me back in reaching the higher comp value or a little more? Or would I be throwing away $2k?

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