Dirt cheap commercial property on Main Street of tiny town

[Gordon Sheehan]

There’s a 6000 Sq ft abandoned-looking brick commercial building available on the Main Street of a tiny town Electra Tx 2 hours outside of DFW. Built in 1930. It’s about 20 minutes away from the smaller metro of Wichita Falls Tx.

The town has had negative population growth since 2000 and barely positive growth (less than 1%) since 2020.

Wholesaler is only asking $6k. I’m wondering if there is any value that can be created here, or if there is it is likely more of a liability than an asset? I have very little info, just curious if anyone has experience with this type of building and location.

It appears to be cheaper than land in the same town. Any creative ideas on how to approach this?

Thanks,

Gordon

[Ronald Rohde]

I saw it as well, the only way is if you want to run/create a business in that space. Problem is you can get nearly free rent a lot closer to major populations. 

It will cost hundreds of K just to get it operational...

Insurance, property taxes, plenty of carry costs