Has anyone Dealt with GDOT and eminent domain on a property?

[Brad Woodall]

I have a lead on a property that is right in the path of a planned highway expansion. GDOT just released their bird's eye video projections of what the new roadway will look like and because this property sits in a curved section of the current highway, the new plan is to straighten out that curve and run the new roadway right where the house currently sits. The parcels surrounding this property are all just timber land and across the highway is a residential neighborhood. This side of the road would be easiest for them to clear out to make room for the highway expansion.

They are just about to break ground about 6-7 miles west of the subject property. According to their plan, this property is in phase 3 of the widening project.

The bought it as a rental property in 2005 (he's actually a broker) and now that the market is back up, he wants to sell it. His asking price is about $30k less than some comps in the area but the comps are in better shape. From a rental perspective it's not really going to be a cash cow by any means. It would basically break even on paper (factoring in 40% off the top for maint, repairs, mgmt, capex). However If I can talk him down a little more and bank on GDOT buying the property from me in the next few years, I might be able to make a little bit of money in the long run.

I was curious if anyone has dealt with GDOT in the past and how far in advance are they buying the properties to clear the way for construction?