Tear-down property not worth the cost of demolition...ideas?
So I found this property off a tax list. It's in terrible shape, most likely a total tear-down. Been vacant for quite a while, and is completely uninhabitable at the moment. Even if it was to be rehabbed (which would easily run over $50k) the ARV would still only be around $65k. The owner agrees with me that the only value here at all is the lot itself, which isn't even all that valuable. Based on comps, I put the value of the lot at around $5k. Average demolition costs in NC are between $5 - $9 per sqft, which puts the cost to demo this property between $4500 - $9000.
This seller is very motivated, but I'm honestly not sure I can help her, as even if she were to give it to me for free, it would still cost more money just to scrape the house than it's worth. Does anyone have any ideas? I'd really like to help this lady, even if it's not by selling to me, but I can't think of any way out of this for her that lets her walk away with any money.
