Lot Opportunity Valuation

[Bryan Davis]

I had a seller call me earlier from one of my yellow letters that has a 1.3 acre vacant lot for sale. The seller stated that they purchased the lot for $105,000 but is now willing to sell for $37,500; I suspect that they would go lower if negotiated with. I have only ever dealt with single family residential property, mostly as a wholesaler but also as a rehabber, and I'm really uncertain on what to do with this. The only house currently built on the street is tax valued at $700,000 and other empty lots are tax appraised at around $60,000 per acre. I considered asking for an option and auctioning on eBay but I thought I'd ask the collective mind here for guidance first. Thank you for any suggestions.