Am I nuts?

[Ash Patel]

Do I need to be talked off the ledge?  Below is a picture of a former regional bank (Fifth Third) building.  

5000 sq ft - plenty of parking - 20 years old

Google Earth link: https://goo.gl/maps/hegqrmooRVn

Sale price $90k

I would assume this property can be purchased for around $70k which would make holding costs around $1000/month + maintenance.  The kicker, it is in middle of nowhere.  A small town called Russellville Ohio.  My thought would be to court another local bank to open a branch there.  If not, I would have to try to find a retail tenant.  There are no catalyst that would cause this area to grow.   There is a Family Dollar 1/2 mile away.

What would you do?  At around $15/ft is this too good to pass up or am I nuts?

[Howard Abell]

It seems to me that you answered your own question in your statement. "the middle of nowhere", no tenant, no catalyst for growth" etc.....  You might consider prospecting for a tenant by talking to the local bank or looking for that retail tenant before committing to a purchase.  Could be worth a try.