To build or not to build
Hi all.
I have an empty lot in so.ca. that trying to decide what to do with it. I purchased it approx 11yrs ago for 12k and its now valued at 60k. It has utilities already there. Zoning is for Single Fam.
Im wondering if I should build a new single fam home, place a nice pre fab modular home on it, or just sell it.
Im thinking build, as im fairly confident i can stand it up with approx 240k. Mortage on the loan would be approx 1,400 month, and rental comps go for $2k in the area. Plus I can appreciate over time.
With a nice modular, obviously its way less investment. Similar rent income, I believe, but I wont get the appreciation over time.
Thoughts?