Trying to wholsale 14 acre property in NC
Ok, I found this 14 acre property in NC (FSBO) heirs looking to sell. Home needs updating and decluttering. Currently, has livestock on property that is "mowing the lawn" for a price. Looked up tax record found assessed value and compared to surrounding areas. Unfortunately, there are not a lot of properties in the area to go on ( range 130 - 193K), these numbers were based on Zillow and tax assessed value. Owner claims original price of property was 500K.
I did inform the owner based on the research that I have done 500K is probably not possible. So, my question is how do I put together a reasonable and sound price, without insulting the owner with little comps that are available? Good news, I can see the potential for income production from livestock or land development.
Any advice is appreciated.
Thanks!