$5,000,000 waterfront home for $1.25M furnished. Should I buy it

[Michael Poczynek]

I am a real estate agent, and I have a motivated client looking to sell a house at a greatly reduced price as they know there is no market for it. It would be $5,000,000+ to build. It could be rented out weekly during the 8-10 week tourist season for $15,000 a week. However, this home will not cover the expenses with 0-20% down. Maybe in 2-4 years. I am torn as I think that one day, this house will be worth double or more. However, at this point, there is no market here for $1M+ homes. Any thoughts?  Ps.  The property comes with 30 acres as well that could be turned into some sort of investment opportunity; ie. cottage rental business, campground, etc.