Should I do this deal???! (Raw land)

[Hobart King]

BP Community -

What say ye on this deal -

I am purchasing a house for a flip and noticed the vacant lot next door was 10 years behind on taxes. I contacted the owner and she agreed to sell me the lot for $100 if I took care of back taxes ($2,600) and closing costs ($1,500) so I would be in the property for $4,200 or so. I live close so going over there to mow the lawn would not be a problem. The ongoing taxes are minimal (like $300 per year). A 3/2 that’s 1500 sq ft would sell for over 300k in this area. I should

Mention there is not an abundance of lots in this area.

My exit strategies would be:

1. Wholesale it for 15k or so

2. Sit on it for 5 or so years while I get experience flipping and the market appreciates and eventually do a spec build.

3. If it’s a total dud and neither of the above are viable, then donate it to a church and write off the value against my income.

Option 1 above is the best but the difficult part is that virtually no raw land has sold in this neighborhood in the last 5 years so I have no idea what someone may be willing to pay for a lot like this.

Has anyone successfully wholesaled a piece of land like this?