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Updated over 4 years ago on . Most recent reply
![Alecia Loveless's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1433004/1739321434-avatar-alecial.jpg?twic=v1/output=image/crop=1082x1082@129x0/cover=128x128&v=2)
Buy vacant lot or pass?
I’m about to free up some capital to invest from a property I’m selling. I live in a small resort town with several restaurants, bed and breakfasts, two golf courses, and very close to skiing.
My question is this. There is a vacant lot adjacent to a duplex I own and a small quaint strip shopping plaza, which has five stores including one of the towns most popular restaurants. It is owned by a nonprofit that I bought my duplex from because they almost went bankrupt and I suspect they are still financially unstable a year later.
I believe I could buy the lot for future development for about $35-40,000 and taxes each year would be approximately $900. I would also have to keep it insured for a nominal amount, probably $500 a year.
The lot could hold a SFH , a duplex or a small commercial building.
Does anyone think this would be a good investment or that I should save my money for a purchase with existing income now such as a SFH or another duplex?
Thanks!
Alecia Loveless