Buying Vacant Lot in East Chatt - is Orchard Village a bad area?
Hi there Chattanooga BP community,
I'm a new real estate investor seeking to do my first deal, and as I'm from Los Angeles and don't know the Chattanooga area well, I wanted to reach out to the BP community for some advice on a potential deal I've come across in Chattanooga. I've gotten the opportunity to buy a small lot (50 x 140, so 7,000 sq. ft.) on Citico Ave., a few blocks from the Chattanooga Heart Institute near Orchard Village. The seller and I have agreed to $1,500 for the place, and I'm hoping to turn it around at some point within the next year or two for around $3,000 to $3,500. My question is - is that realistic? There's a couple comps I've come across on Zillow that have sold for that amount for higher, but I wanted to get some ideas from people on this forum as well.
My other question - is the Orchard Village/Glenwood/Avondale a bad area of town and a place I should shy away from investing? I notice there are a few other vacant lots in the area - is that because no one has any interest at all in living there, or is it because the area is still up and coming and growing? Thanks y'all for your time and help, I really appreciate it. Like I said, I'm a new investor and am looking to learn from those more experienced than I am whenever I can.