Rental Property Investor · Los Angeles, CA · Member since 2019 · 78 posts · 40 votes
I am having trouble determining the market value of a 4 acre vacant lot in Dutchess County NY near East Fishkill. Both the assessed value & market values indicated on the county website seem unusually high to me. Seller is motivated to sell (far below assessed value) but I'm not confident in my competitive analysis and valuation. I also obtained engineering plans I've examined but again I'm not confident in my analysis and unclear what it would cost to pave driveway, drill well etc. I can talk to Engineer about this but am primarily seeking help with valuation of vacant lot.
Thanks in advance and please reach out if you know of anyone who might be willing to help.
Rental Property Investor · Poughkeepsie, NY · Member since 2013 · 262 posts · 96 votes
6y
Hi Daniel,
I buy a lot in dutchess, I keep what I can and wholesale off the rest. East Fishkill is pretty hot right now. What is it zoned for? Is it zoned multi or commerical? I don’t need address but general idea and if you want boots on the ground reach out.
Rental Property Investor · Los Angeles, CA · Member since 2019 · 78 posts · 40 votes
6y
Hi Eric,
Thanks for your response. I’ve been having trouble connecting with people in the area. I have a 4 acre lot under contract in Stormville 12582 with an assessed value of $120K but I’m having a hard time believing this. It’s part of NYC watershed land and the DEP owns many lots in the area. It is zoned R3 but I think building on it would be difficult due to the rocky foundation and topography. I’d appreciate any thoughts or insights on possible market value. Additionally I’m having trouble finding an investor friendly attorney who is willing to work with me on either a double escrow/close or assigning the contract. Do you have anyone you can recommend?