Potential deal, looking for guidance

[Brian Murphy]

Hi BP community.  I have found a potential off-market deal.  It's a 5 BR (3 up, 2 on first floor) house that needs work being sold by owner located in Oak Park, IL.  The house is currently lived in, but would need extensive rehab - new kitchen and bathrooms, new exterior siding, refinish floors, landscaping.  Not sure of the condition of the roof.  I think the house was gifted to him.  The property includes two tax parcels.  One has the house, the second is a side yard without a house.  He is asking $340,000 for both lots but I believe he would come down from that.  Comps in the area that are fully rehabbed sell for $550 - $650k, often higher if higher end finishes are in place.  Yearly property tax bill is $9k for the lot with the house, $1,100 for the empty lot.  

I plan to check with the village about splitting the two lots to determine if I could either sell the second lot to a builder, or if I want to get really crazy, hire a builder to build a second house.  

Yes, this is a bit complex but it seems like there's a lot of potential here and that's how money is made.  

I'm looking for the following:

1) Anyone in the area that has experience on large projects that would be interested in partnering. 

2) If no to above, any GC recommendations who might actually have availability.  

Thanks!

[Brian Murphy]

@Michael Plante thanks. Lots of moving parts. Where there’s a will there’s a way…