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Updated over 6 years ago,
Commercially Zoned Property With Residential Flip Potential.
Hey Everyone,
I have a deal I am analyzing and it's proving a challenge to me. Here's the scoop:
The seller asked the city to have the property rezoned because they were hopeful it would raise the sale price because of potential businesses purchasing the land. It is nearby a growing town, but a little outside the development still. There is a 1,900 Sqft. house on the property that is in great condition for a flip, but its hard to decide whether the deal should be analyzed as a residential flip or commercial property opportunity. I am looking at this deal from an investor and wholesaler perspective, and don't know which way to go with this one.
The sellers also have their eyes in the sky in regards to pricing because they believe that the commercial aspect is enough to raise the price, even though the land is outside the development currently.
Does anyone have any advice, tips, or knowledge on the subject?
Thanks!