Help to make this creative 30 acre wooded, efficency, 1br, 3br

[Scott P.]

Just got my first property under contract.  ...  It's south of Grand Rapids, MI, and near Caledonia, MI.  The property is in Middleville, MI.

There is an efficiency apartment on the property, and a house with a 1 bedroom on one side, and a full 3 bedroom house.  Beautiful kept up house, but owner needs to sell.  

40 acres, 30 of which are wooded.  I don't know what you could sell the lumber/timber for?  Or how one would work on getting a road and developing that 30 acre.  

efficiency rents I estimate at $350

1br I estimate at $700

3/1 house, I would estimate at $1800 due to land, view and location.

There is a Verizon tower lease for $825/month with a 2% increase annually. 

However, the entire property is either wood or propane heat and I'm not currently sure how the fuel is distributed.

With the addition of an egress window, bathroom and kitchen, there is also room in the basement that could be converted into a 4th unit as a one bedroom.

Contract is for $600,000

I am consulting bank about financing.  

I am consulting people about the value of the timber.  And I will be consulting local farmers about clearing the back 30 acres to farm.  Both of these options would help to make the property cashflow better.  

Development might also be an option, but I'm not sure how to start that process.

I would love to partner or wholesale this property for 10%, as it has lots of potential.  Let me know what you think.

Any advice would be appreciated.

Can't post a google link to maps.  Street view was updated in 2015.  Cell tower was already there.

42.7141959,-85.5395366