My Sales Strategy-What do you think?

[Tod R.]

My tenant is moving out mid June. I'm going to walk the property tomorrow but I know I will be doing a major rehab. Right now, my WAG (wild *ss guess) is $75K. The home sits on a 4.8 acre tract and has another 4.9 acre tract next to it. My options as I see it are:

1. I can sell the whole thing-Path of least resistance, and possibly least profit. This would be the quickest option to sell off everything.

Est. Sales Price=$675K

2. I can sell home and land separately-Given that all but one home sold/for sale is 5 acres and under, maybe the market prefers less than 10 acres. Also, I don't see how I can get full value by selling a 9.7 acre home vs. selling a 4.8 acre home and a 4.9 acre lot.

Est. Total Sales Price=$700K

3. I can sell home only and have land free and clear-I could retire the lien on the entire property with just the sale of the home and I would have the 4.8 acre tract free and clear. I could put it up for sale and be firm on the sales price or I could use the land as equity in a JV to build a custom home.

Est. Sales Price=$675K, Plus land equity of $150K and profit from JV.

My note balance is $350K. I plan to take the profit and buy and hold rentals (SF,MF, or Commercial).

I've uploaded my sales comp analysis for your review if you wish:

http://www.biggerpockets.com/files/user/Tod/file/sales-comps

Thanks