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.