I am setting up a meeting with the owner of a house and two adjacent lots in the hottest part of Atlanta GA. He is selling all of them together. The house has been remodeled already so no rehab needed. Zillow has it valued at 267k. This will be a wholesale deal for an end buyer. The house calculations are easy. Get get $1200 - $1300 rent, How do I calculate what to charge for the two lots?
House on a busy street but has space to build behind present.
Depending on the location and zoning, a little bit of paperwork, you might have a "commercial" property on your hands.
I pulled up the zoning print of that area and it is all registered as residential. How do I find other properties that were just land lot sales? I am thumbing through zillow to see if I can find a lot that sold in that area. I have call him tonight to set up the appointment time for tomorrow.
@Michael Williams A builder will do a thorough review of the lot how buildable it is. If the lots are side-by-side and vacant, then there are issues with the lots. Water?
A normal level lot in Kirkwood would probably go for $100k - $120k. The street and how close it is to Memorial has a huge impact as well - cutting this number in half. North and East are more desirable.
Ask him for a survey or anything he knows about what is allowed on the land and what variances are required. This will only help you market the land.
Hope this helps.
Hey Rick thanks for your replay. The house is very close to the street as well as the lot next to it, but the other lot is behind the house away from the street. As a matter of fact there was a right of way deed by the city in 2011.
If a house is built on the back lot there would have to me an easement by the owner of the lot close to the street. Or tear the house down and build two bigger houses. I made an offer based for the house and based the price of the two lots on the land price for the house. I then calculated a 70% LTV for each based on that price. I am waiting on his response.
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