Pricing a Unique Property (potential wedding venue, horse property, or private home)

[Laura Mateya]

I have a family member willing to allow me to wholesale a property. It is situated on 10 acres with potential for many different uses. The main house is a Georgian estate style 5600sf home (6BR 7BA) that needs water damage repair as well as some updating. The outbuildings include a guest house with a wraparound porch that needs to be replaced, a 6-stall horse barn with an apartment on the top floor, which is in decent shape inside but needs some cosmetic repair outside, a storage barn with 8 garage bays on the lower level and open storage on the top floor, and a historic gristmill (with a water wheel) built in 1820. It is located right on a river and has 2 dams that are currently in pace making a gorgeous pond in the backyard. It has amazing views from the back of the house. There is SO much potential here. I would like to price it somewhere in the middle of the potential range, meaning that the minimal amount of work is probably $300-400K in repairs in the main house, with an ARV of around $2-2.5M or someone could put $800K-1M into it and really go all out to where it has about a $3.5-4M potential ARV. Any input would be greatly appreciated.

It was previously a wedding venue and could potentially be one again. It could make an amazing airbnb. It could be a wonderful horse property, or a retreat center... the grounds are absolutely stunning.

[David Ramirez]

Hey @Laura Mateya, 

Call every horse property owner in a 5-mile radio and offer them the property. Since you are related to the seller you have enough time to really promote and spread the word around. Feel free to reach out with any questions!

Good luck!