land investment

[Marc Oister]

i am new to land investing and have found a parcel of land that i am undecided on.  The area is close within 2 miles of my home town Which i currently live.  The area is a rural area in that is slowly but surely being developed.  The parcel that is mentioned is 8 acres and located aside a new development that has Been completed.  The asking price is 10k. With an annual tax of $112.  The only problem i have run into is that the land was previously zoned residential bit now is zoned open space.  I would greatly appreciate anybodys insight on this matter or previous experience on open space zoned land.

[Joe Mclain]

You might want to check out the county tax assessor's site and find out what the county assessed value on the property would be.  Comps of the area would be better.   I'm not the saying that the county has the best numbers but that will put you in the ball park of valuing the property.  You may also want to talk with the county about moving that back to residential zoning and why they would move the zoning from res to open space.  Best of luck

Joe