How to value log cabin on 10 acres of land??

2 Replies

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.

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