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Updated about 6 years ago, 10/02/2018
Highest and best use of property - development potential?
How does one go about determining the highest and best use of a particular piece of real estate? I purchased a 10 acre tract in non-restricted, non-zoned area on a rather popular road connecting two rural cities just 25 minutes from main city (in the Austin metropolitan area). It has a house and swimming pool on one side of the lot. It is a rectangular lot with the long side on the major public road and another public road going down the other side of the property, and another public road coming from the other side of the major road. It has 3phase electric on the property and surrounded by water lines along the 2 roads surrounding the property. I'm usually just a house flipper, but I realize this lot may have potential for development or other uses and wondering who or what type of people I should consult with before deciding on how to maximize profits on this property. (RV park, housing development, commercial, renovate as a house on 10 acres? etc..) Any advice will be appreciated.