Buying Vacant Lots instead of Vacant Homes

[James Geraci]

I have an opportunity to buy vacant lots for 2 - 3k. Two are on a street i have a property and empty lot already on the street. The house and lots are in a low income part of a city. It is in an area where there are homes that either are in foreclosure or vacant rentals. Not a lot of qualified tenants, and not worth the carrying cost of a house that can be broken into and vandalized.

I could over time purchase the whole street, and work with the city to annex the lots into the city, currently in the county, but borders the city limits. Sit on them and work to redevelop the area down the road.

The property tax on the lots is like $200 / year, and couple hundred dollars a year per property to cut the lawns.

Do i acquire them?

Thanks