I'd like to hear some ideas and or opinions on what may be the best course to take regarding a lot my parents purchased. They we're renting a mobile home on this lot when it suddenly caught fire back in October. The property was owned by a relative who then offered to sell it to them thru owner finance. Of which they agreed upon feeling it was a good deal solely based on the tax records.
They can build a conventional single family home maybe even a duplex as well since there are duplex's across the street. They also have the option to build a modular home as well.
The duplex's across the street are tax appraised at right around 117,298. There is a modular home next to the lot that's appraised at $77k and on the other side the home is appraised at $87k. I did happen to find another Lot for sale a few streets over for $35k and it's 1500sqft smaller. This is in zip code 78664 in Round Rock Texas.
What would be the best approach to take into developing this property?? What other factors should I look into to determine it's potential?? And what are the costs in a modular vs conventional home and or duplex construction?? We have family member who are contractors who will finish it out for free once it's framed if we pursue that route. We also have A/C installed for free and the parts at cost. We have a lot of friends and family who are willing to help my parents get back into there own home.
Anyone know of anyone in the central Texas region who could point us in the right direction??
