My wife's uncle has 2 property's, right next to each other. He has his main home on one piece of property, and a small house that he rarely rents out on the other one. It's a tiny house on brick foundation with 1 bathroom, small living room (10x10) and 2 tiny rooms.
Me & my wife have been discussing that this may be a good piece of investment to purchase, since that area is starting to develop fast; ie: building alot of new subdivisions within miles of that home. He pays in property taxes 700 a year, and interest about 150 a year.... I'm not sure whats left on the mortgage, if anything at all.
If we do plan to get that house, our plans would be to get a large loan and either level out that house and start over from scratch, or keep the land and wait to see what happens in the future.
Here's my question: HOW or where can we research to see if it would be in our good judgement to further proceed into talking to him about buying it off of him, and also how can we figure out what a good price would be (in our favor of course) Ive seen what the "just mkt value" on the county's property appraiser site, it says 33K. On zestimate its around 75K for that property....
