Need Advice on Vacant Lot

[Aaron Williams]

I recently sent out my first round of direct mail and got a call. But it threw me a curve ball, the caller wants to sell a vacant lot on a cul de sac in a newly established neighborhood. All of the other houses are very nice and the area is popular and growing. My first instinct is to pass on it because I really have no clue what to offer or how long I will have to hold it before it sells. I could use my own money to buy it, but I don't even know what to offer. I did manage to get a price out of the caller, it's only 5k more that the property was purchased for in 2005. I tried looking up comps but there isn't much to go on. Any advice you could give would be awesome. Thanks.