Land with Grand Teton view. Sale, subdivide, or airbnb?

[Jo Lexington]

Hi BP! I would love to hear what you think about this:

My uncle has a vacation home on a huge lot (two parcels) in East Idaho, near the broader of Wyoming. Comes with the house/ land is the access to the river & water right, also amazing view of Grand Teton. We love this place but we also live far from the property and rarely come by. The property is probably in use one month out of a year. I think this is not the best use of his money nor this great property. 

Local agents suggest the house (on acre lot with both water view & Grand Teton view) is probably worth $1.5M today, and the land (a separate parcel, tens of acre) is probably another million.

We are debating if we should sell it as is, but with this price tag, it may take a while to sell. So my uncle wants to explore subdividing the lot, in hope that it would sell faster, the process is going to take up a year? And the fact that we are not local doesn't help. Alternatively, I feel we can put 3 to 5 modular homes on the river front, and rent those out as Airbnb. There are decent ski resorts within 45mins drive, and the nearby Airbnb charges anywhere between $120 to $180 for two bedroom that sleeps 4.

Not sure if these matter but it's a flood plain, agriculture zoning & no city water/ sewer nor internet service on the property.

[Eric Giovannucci]

Hey Jo,

A lot to unpack here- but I think your first step is going to be talking to the city and seeing what you are able to do with that land- if anything at all. 

The water/sewer is not going to be an issue, as most in the rural areas of Idaho are on well/septic anyhow. This however will be important to remember when/if you move forward thinking about how long the process will take to drill/receive certification for the septic. 

I am out in the TV area so our rules are much different, but feel free to shoot me a message if you want to get some more specific help!