3 Acres of Land - What to do?

[Stephen Dickey]

Ok. So I got a deal on 3 acres of land and a SFH in a rural area in North Carolina. The house could be renovated, but it would cost and is basically trashed. I don't know if it is worth fixing up, as the rental market there is not much ($500 or so). The rehab would cost $10,000+.

The way I see it, with 3 acres I could do something bigger.. I am looking for ideas. I am thinking of demolishing the house and clearing the land, putting a couple of septic tanks there and putting some mobile homes on the property. I could probably run 9-10 with no problem. It would just cost.. 

I just know the land has some potential, as it is a big piece of property. I could also wholesale it to an investor if needed, but it will take some work. The market is a rental market, as it is a rural area. It is in good location as well, less than a mile from the church and the school.

What I am asking for is if anyone has any ideas/suggestions as to what you would do in this situation? My options are endless, but I am hoping someone has something I haven't thought of before...

Thanks.

[Justin Tahilramani]

Stephen,

Sounds like the land has some potential. Have you had the land perk tested? What kind of soils do you have? Additionally - you will probably want to check out what the zoning on the land is. Although 3 acres is more than enough for a few MH's, the city/county may not look too kindly upon that if your land isn't properly zoned.