Hello, All!
My name is Kyle Douglas. I've mostly been looking at single family flips or small multifamily units.
Just recently a realtor that I work with has brought to my attention a 41 acrea plot of land in Pembroke, NC for about $644,000. I am very interested in the Pembroke, Lumber, to and even Fayetteville areas. There is a Native American tribe headquartered out of the Pembroke/Lumberton area, of which I am a part of, but I do not actually reside there. There is also the University of North Carolina Pembroke campus which is in need of more off-campus housing option for their students. I am still looking at trying to find out what numbers I would need to look at, especially from the university's side of things.
My thoughts for this property could be either a moble home park, but it seems to be close to the other new campus set of condos, or campus du,tri,quadplexes or town homes for students to live. I have not done much research into land development myself, so I am curious as to what wisdom the BiggerPockets family may be able to give me.
I'm going to be looking at average rents for the area, average rents for student housing, as well as determining what it would look like to provide student housing. I know student housing must be completed by early September at the latest usually if it is going to be profitable immediately after completion.
Some other things I know about the property is that is currently zone for agricultural residential, but my realtor mentioned that it could be rezoned for residential or other purposes.
Please let me know if there's any other information I should have provided and let me know what you think of the possibilities. Again, this is my first time looking at land development and I would appreciate all the input possible. I'll be looking into land development on my own tonight as well.
