Real Estate Investor · Panama City, FL · Member since 2012 · 265 posts · 58 votes
Back story..
Over 5000 sq ft, 5 beautiful acres, 9 bedrooms 4 baths. House needs work / maybe remodel. Built in 1989 and addition newer. Structure is great, newer duct work, western cedar exterior and over all great shape. County has it appraised at 142. A guy I know bought it 2 years ago for 60k with big plans. He is now in trouble and I bought it for 35k. Close on it Wednesday. What do I do with it? Lol
Real Estate Investor · Panama City, FL · Member since 2012 · 265 posts · 58 votes
12y
I could get it rent ready for 10-20k and rent it for 800-900 a month.
I could remodel it for say 60k but would be a hard sale I believe bc of location and size. My agent doesn't think it would sell fast.
I could clean it up and try to sell it for 50k or so.
It was used as some type of home in the past and has Commicial fire alarms and lights.
SFR Investor · Warsaw, IN · Member since 2014 · 59 posts · 13 votes
12y
Fix it up into sellable condition (without doing all the cosmetics, just the basics) and market it to BnB websites as a good location to "live your dream" of opening a BnB. At just an hour outside of Nashville and having 5 secluded acres it would be a perfect location for a corporate retreat center as well.
Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes
12y
I have a friend in another rural area of TN (again, about an hour from Nashville) who has a nice house on about 5 acres. It's worth more than $150,000. But he had a hard time selling it because it was so far out of town. Not just out of Nashville, but 10 miles out of any town. That's something to consider. On the other hand, houses less than 100 probably would sell OK in his area.