Evaluating Land Value - Prince Geroge's County, Maryland
Fellow DMV investors - I came across a potential deal in Prince George's County, Maryland today that I believe is better as a land play. Perhaps someone could help me evaluate it.
There is a house on the property - approximate 1 acre of land - plus several other structures: one of which is an un-zoned second dwelling. One thing I know for sure is that the primary structure is a total tear down. No question.
I think before I can even make a reasonable offer, I need to know more about putting a value on the land itself and then backing out the costs for demolition and building a new structure.
Property is in Ft. Washington, MD 20744, approximately 1 acre.
One big plus is the location - only about 10 minutes from National Harbor - but I'm not sure that matters in this case.
Evaluating this deal is a bit above my level of knowledge, so any input is appreciated. I certainly don't want to pass on it if there is an opportunity.
Land experts - let's hear from you and I will do my best to fill in the blanks.
Thanks.