Real Estate Agent · Atlanta, GA · Member since 2016 · 6 posts · 0 votes
There's a residential property I'm analyzing and it has .7 acre of woods in the backyard. The woods are surrounded by other smaller wooded areas owned by others and it's the largest piece that goes across all of them (see photo). What are the options to make this wooded area profitable if I purchased this home? It's just sitting there.
I'm wondering:
1) if it's a rentable (or sellable) area for someone to just create a new home in the back.
2) if it would make sense to have a long driveway from the front of the property all the way to the back and create a house for rent
3) if any of this is a waste of time or investment in general
More about property:
- 10 minutes away from Duluth's poppin' areas (good area)
- surrounded by mediocre to less homes
- good school district
- there's a broken down tiny home in the backyard...(I know, there's a lot going on)
Rental Property Investor · NH · Member since 2018 · 50 posts · 28 votes
5y
@Sharon Yoo
It’s all about the zoning really. Start by finding out what the requirements are in that area.
Where I live, an acre is usually the minimum lot size, but if you’re trying to subdivide you also have to take into account minimum setback and other proximity regulations. The minimum size to subdivide is often larger than the minimum lot size as well.
Is it public sewer and water, or septic and well? Placing those and the space requirements around them are also a major limitation.
Find out if you are allowed to build a small second home. There doesn't need to be a long driveway going all the way to the home, just close enough that they can walk to it with heavy groceries! Done right, it would look like a small cottage in the back.
Blue Springs, MO · Member since 2015 · 481 posts · 313 votes
5y
Are the woods there for a reason? Like, they're on a really steep slope that would be hard to build on, or they back up to a creek and it's a flood zone?
Are the woods part of the appeal for the existing home - like, it has a big picture window so the residents can gaze out over the trees in the morning? Can you "hide" the new house in the woods, or would it be close to the existing house?
You might talk to the county about what it would take to have two homes on one lot. I think sometimes they want you to split it into two lots if you do that, which is possible, but requires some more paperwork and fees with the county. You might also have to get a land survey to create the plan for splitting up the lot.
Also ask the utility providers about what it would take for new water, electric, gas (if available), and sewer (if not septic) hookups. Sometimes a new water tap is cheap and sometimes it funds half of the water department for a year. :D If septic, is there enough room on the lot to handle the systems for both houses?
This may not fit well with the existing house or neighborhood, but how about making a spot for a mobile home back there? You'd still need the utility feeds, but the footprint will probably be smaller - fewer trees to clear for the house - and if you can make any kind of reasonable driveway without too many twists and turns, that's probably enough room to bring the mobile home in with.
Rental Property Investor · NH · Member since 2018 · 50 posts · 28 votes
5y
@Sharon Yoo
It’s all about the zoning really. Start by finding out what the requirements are in that area.
Where I live, an acre is usually the minimum lot size, but if you’re trying to subdivide you also have to take into account minimum setback and other proximity regulations. The minimum size to subdivide is often larger than the minimum lot size as well.
Is it public sewer and water, or septic and well? Placing those and the space requirements around them are also a major limitation.
Developer · Decatur, GA · Member since 2011 · 1k+ posts · 1k+ votes
5y
@Sharon Lee I love owning two houses on one lot! You described a perfect rental property -- good schools with two rentals for the price of one (or just above). The tiny house should be 'repaired' and made to work for common uses in the area (home office, young renter, or mother-in-law).
A house hacker might also like this property. They'd live in one house (for free) while their tenant lives in the other and pays the mortgage for both.