Buying Cheap Land For Potential Investment Properties

[Taylor Hamilton]

Hello Everyone!

My husband and I have been looking at a delinquent tax list in an area of our town that could possibly be gentrified in a few years. There are so many empty lots, whole blocks even that cost $4000 or less. I'm wondering if it is worth buying some of these lots to build structures (single family vs duplex) on them to possibly rent out or sell. I think right now the neighborhood is more of a renter community right now, but in the future these houses or duplexes could be sold for way more than it cost to build them. I know it costs way less to renovate houses than to build from scratch but this seems like a good opportunity that is presenting itself. We are inexperienced though so any feedback would be appreciated.