Local Land Contract Posting - Thoughts

[Johnny Hastings]

This post has been on CraigsList for a little while: 

https://wausau.craigslist.org/reo/d/wausau-land-contract-buildable-lot-in/7171854833.html

This isn't too far from my home. It's an established neighborhood. I know realtors around town, and they say there's a real need for smaller homes. I even have the cash to build a home on the lot. 

The land contract offer is $1,000 down, and the rest not due for 9 months. Seems like a good way to scoop it up, build a house, and then pay it off when the house sells. 

Alternatively, the lot seems to be worth about $15K, and he's only asking $10K. I could simply pick it up on the land contract, then try to find a buyer for $13K, and then sell it off right away; walking away with a few grand for little work. 

It's been almost 20 years since I went through the home building process, so it's a bit daunting. I did reach out to some prefab house builders in the area (Stratford Homes), but it seems like they're actually more expensive. I know a few contractors, and am on the cusp of reaching out to them regarding this. 

Thoughts/comments on this potential are very welcome! I'm basically looking for someone to light a fire under my behind to actually make a move here, lol.