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