Need help with a potential deal...

[August Hansen]

Hello Bigger Pockets!  This is one of my first posts and it is that of a potential deal.  Here are some details...

   I found a property on craigslist that is 2.2 acres with two small houses that are in rough shape.  One of which needs to be demo'd and the other which may be salvageable.  The property is in a rural area just south of Tallahassee, FL and has septic/well.  He has the property listed for 16k.  I did some research and found that he purchased the property at a tax deed sale for $7800 three months ago and does not live in the area.  I also found that the property has an unpaid tax bill of $850.  Also, it does not currently have a quiet title.  Property appraiser shows the land itself is valued at $11,000, but I understand there is more that goes into this determination besides that.  I just used this number for simplicity of quick analysis.  

   Long story short, i've got the guy down to $6500 cash for the property.  Due to it not having a quiet title, having a small delinquent tax bill and the fact the property is quite overgrown and will need some demo and clearing, what are your thoughts on this deal?  I might also add that he seems eager to sell and wash his hands of it.

   My initial thoughts were to either clear it and sell as acreage quick or put some mobile homes on it to rent out.  Or fix up the one house(if salvageable) and rent it out or sell.  Would you run from this deal or do you think there is something there?  Thanks in advance for any insight!