Teardowns and developing residential lots

3 Replies

I've got a lead in Kansas City I'm working on that has a very old house on a half-acre (6 platted lots). I looked at the house today and I'm thinking it would be best as a teardown (collapsing floor in an addition, sloping floors on main and second floor, leaning chimney, etc.). I'm not as familiar with this market so I'm looking for some advice on what residential lots northeast of 95th & Ward Parkway may run for in the builder market. I'm thinking it could easily be divided into two quarter-acre lots and one could build two new 1200 sq ft 2bd, 2ba houses on the lots. Any ideas?

Jim - don't spec is my best advice. Contact some builders in the market and find their level of interest for land this size in that area without giving them the exact address. You should also check with the property appraiser's office and find out about permitting and other important information about developing land. 

@Jim Viens  How did this lead turn out? I got a call last night and the house is in a similar situation. Looks to be a complete teardown with newer construction all around right next to downtown Houston. My initial thought was to see if I could get the house under contract and market to developers in the area.

@Maurice Brantley  It looks like it's a no-deal. I gave them my offer and they haven't responded. I don't think they'll get much, if any, better from anyone else considering the condition of the house.