NewB w/Possible Deal Looking for Help

[Rod F.]

Hello,

I am new to real estate investing and looking for help in getting started. I have been going over the vast amounts of info on here trying to educate myself.

My question to all of you seasoned investors out there is that I know of a piece of property that has been vacant for at least 2-3 years. The house that was there burned to the ground and besides clearing the debris, nothing has been done since. I might also add that the adjacent lot had a single wide on it and was removed shortly after. These two properties were a mother/son. I have looked on my local county assesors office and have the parcel #'s and the assessed value for the one parcel is $39,100. The other has no info.

Now to my question...since all utilities, septic, etc. should still be in place, does it make sense to contact the owner and make an offer and build on the lot(s). Those of you that are familiar with the NW, may have heard of some home builders that can build on your lot for approximately $50/sf. I have checked some of their sites out and they say they can build a 3/2 2 car garage 1500 sf for under $80,000.

What am I missing? I feel that there is way more involved and looking for guidance. Even if I paid the full assesed value plus the new construction puts me at the 120K mark. I understand I need to know the comps in the area (1/2 mile radius), and have done that and they seem to be all over the place. $80K-300K).

Thanks for your help,

Rod