Need advice on evaluating half-acre lot

[Steven McPherson]

While looking for wholesale deals, I found a seller who owns a little less than half acre lot. She currently has a single wide mobile home that is past the point of repair (will be demolished), the brush (trees, vegetation) is overgrown and needs to be cleared, and she is extremely motivated to sell.

I have a few questions:

1) The lot is located in a mixed use area, consisting of residential, mobile homes, and a few warehouses. There a several high-end single family homes and neighborhoods being built on the lots in the immediate vicinity (within a 1-2 minute walk). However, I cannot find any recent comps for similar sized lots. There are several for sale right now however. My question is, how exactly do I go about finding a value for the property?

3) Would you continue to pursue this deal if you can get the property at an excellent price? Should I reach out to the surrounding home builders to see if they are interested in buying?