Making Offer on Subdividable Demo Property - What Am I Missing?

[Ken Sanders]

I'm currently looking at making an offer to the homeowner of a small run-down rancher on 2.7 acres of good land in a good location. I was under the impression that this property had been abandoned for 10 or so years (needs demo'ed), however the Recorder of Deeds office tells me that the tax bills are still sent to that address. Regardless, I want this land!

The way the zoning works here is:

1. If there is no public sewer or public water available, the minimum lot area is 40,000sq/ft

2. If only public sewer is available, the minimum lot area is 30,000sq/ft

3. If both public sewer and water are available are available, the minimum lot area is 20,000.

The property is bordered by a main road (with manhole covers every X number of feet)and a McMansion development. Is it safe to assume that public sewer and water is available?

I'm trying to run the numbers in order to make my offer, but I'm having a hard time finding comps and arriving at an educated offer price. What am I missing?