What would you do with a 6000 sqft house on 7 acres?

[Mat O'Grady]

Hey Everyone,

I currently have four 4 unit properties and one 5 unit property. All the units have long term tenants. There is a property that I have been looking at that is approximately 6k sqft and it is on 7 acres. It is located in a tourist location that is mostly busy during the summer months. The property taxes are 18k and I'm not sure what the insurance would be but, I estimated 8k. The property is in pretty good shape, but it could use some cosmetic updates and the in-ground pool probably hasn't been open in 5 years. 

The asking prices is $1,025,000. If purchased at 1 million with 25% down at 5% rate the monthly payment is $4,026.

I have enough cash flow from my current rental properties to live off of and my wife and I still work part time and will continue to do so.

I was thinking of purchasing this property as a way to grow my wealth as well as hedge inflation. There a few other similar properties that get $1k a night on Air BnB, so I figured I should be able to get that and cover a good portion of the costs from Air BnB rent coming in during the summer.

Any thoughts on my thinking process?

Any thoughts on what to do with the extra land? 

There is an old barn on the property and land that was used for horses at one point. Does anyone know about renting out the barn for other people to keep their horses?

There is also an unfinished basement that is about 2800 sqft. I thought about setting up a game room, arcade, movie theatre, or virtual reality stations.

Any ideas are welcome!

Thanks!

Mat