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Updated over 5 years ago on .
Is this deal worth it?
Hello,
I've been reading articles from BP for a while now and I am excited to be posting my first one!
I have come into a nice situation to purchase land in MA. I am trying to figure out if it is worth developing the land as my first project. It seems the land is already subdivided into a few lots and long ago, roads were approved but never built. I am seeking to purchase and subdivide the two easily accessible plots and subdividing further. The land does have a sloping hill (not bad in my opinion). I have already received soft quotes for a road to be put in (sewer, side walks, hydrants, etc), doing an informal with the city, surveying, wetlands, and cost to subdivide. Is there any thing else I should be considering that might bite into my profits? I'm aware that building costs will vary on grade and finish of the building.
If anyone has experience with this, I would also like to ask any developers/investors if they find that duplexes vs single family homes generate better returns.
My goal would be to sell any houses/units built. I'm also considering starting an HOA if duplexes are built since I will be starting a property management company later this year as well.
Thanks for any help!