Am I nuts?
Do I need to be talked off the ledge? Below is a picture of a former regional bank (Fifth Third) building.
5000 sq ft - plenty of parking - 20 years old
Google Earth link: https://goo.gl/maps/hegqrmooRVn
Sale price $90k
I would assume this property can be purchased for around $70k which would make holding costs around $1000/month + maintenance. The kicker, it is in middle of nowhere. A small town called Russellville Ohio. My thought would be to court another local bank to open a branch there. If not, I would have to try to find a retail tenant. There are no catalyst that would cause this area to grow. There is a Family Dollar 1/2 mile away.
What would you do? At around $15/ft is this too good to pass up or am I nuts?