Someone responded to one of my yellow letters and stated they have 10 acres of land in Maury county, south of Nashville, TN. It has a log cabin on the property that's 2 bedroom 1.5 bath, 1,260 square feet. The owner hasn't been to the house in ages, and basically thinks the cabin is a tear-down. I went to look at the house and it definitely needs work, but I don't think it needs to be torn down. It needs a roof, and essentially a full gut inside.
The land is mostly cleared, and has a pond on it, as well as a small shed. There's also a barn on the property but it will need to be torn down.
I have no paradigm for assessing the value of land, much less land with a log cabin on it. Since the owner essentially thinks its a teardown, I thought about just offering her the price of the land only, and seeing what she says.
Can anyone point me in the right direction on how I can come up with an offer on this?
Are there no comparable properties nearby?
Maybe if there isn't anything comparable, you can look at houses with similar-sized lots in other areas and see how they sell compared to houses with smaller lots, that could give you an idea of how the additional land affects the value.
@Jon Mason what zoning does that property fall under ?