How much would 2.65 acres cost in Hagerstown, MD?

Question

Hey guys I need some advice. I have a guy looking to sell me 2.65 acres in Hagerstown, MD for $500k. The land comes with a run down 3 bed / 2 bath house with about 1,800 in sqft. I’m a rookie when it comes to investing in real estate especially when dealing with land. Do I have a deal or should I negotiate for a lower amount? Thanks!

Matthew Paul · Answer

@Kevin Washington  sounds like if you buy that you will soon be a broke rookie .   that sounds very high for Hagerstown

Benjamin Seibert · Answer

Gotcha. I'm assuming the higher price tag is due to the development in the nearby area. Still sounds too expensive though. 2.65 acres isn't really enough to be subdivided by a lot. Have you found any recent comps in the area?

Benjamin Seibert · Answer

@Kevin Washington Do you have an approximate address of the site? I am from Williamsport so I am very familiar with the area. $500k still sounds pricey for the area though. Maybe a house in solid condition with about 5-10 acres off Sharsburg Pike would fetch that but this sounds too high.

Benjamin Seibert · Answer

@Kevin Washington it depends on where the 2.65 acres is located in Hagerstown, but I doubt it should be worth $500k. That seems like its definitely too high for the area (unless it's right downtown)

Kevin Washington · Answer

I agree @Matthew Paul Thanks.

Kevin Washington · Answer

I looked into it and found that prices on land around 2.65 acres ranged from $60-170k. Nothing close to $500k. I’d say about $200k including the run down house. Thanks @Benjamin Seibert

Kevin Washington · Answer

@Benjamin Seibert yes it’s close to Saint George circle in Hagerstown.

Kevin Washington · Answer

@Benjamin Seibert thanks for responding. The land is located on Sharpsburg Pike and is covered with trees. I originally thought it was a bit pricey but wasn’t 100% sure. Thanks again!

How much would 2.65 acres cost in Hagerstown, MD?

Most Popular Reply