Oddball Property Use Parcels
I'm looking though some tax deed auction listings in Florida and I see that some parcels have oddball Property Uses (eg R/W Buffer, River/Lakes, Residential Common Area/Element).
Is there ever any value in buying one of these? They seem like pure liabilities with no use.
An example is here. This looks like a road (click View Map) but has been through a couple of tax deed sales and a QCD for $5k. It's listed as a R/W Buffer zone.
@Fred Kite you nailed it. Pure liability. They have lots of these type properties on the records in AL.
Joe
So why would anyone every buy these? The example I linked has a $5k QCD for what looks like a road. Seems like money down the toilet plus a tax bill every year.
I have seen private roads listed in auctions and figured that you might be able to charge owners that use the road for an easement in order to access their properties. It seems that you have to order an easement search to see of there's already anything in place. I also read about "ransom strips" between properties. Often they are small strips of land between houses. I read a blog that referred to an investor in San Diego that buys alot of these. I researched his website and confirmed he's buying these and averaging 300% to 400% returns.