@Tim Herman I am looking to buy and hold. The pot has been sweetened as this parcel is 4 acres in total. Their is a subdivision pending to sell the other house and 2 car detached garage. If I buy it all the subdivision would be voided.
The property is 4 acres total. It's for sale by owner. The executor of the estates parents built their wealth from the property as a horse trainer and equipment mechanic. With his parents deceased after 3 years he is tired of upkeep and he lives 4 hours away.
3.0 acres is the raised ranch 3 bed/2.5 bath including a 5 bay pole barn on concrete slab, 2 car detached pull thru garage with full loft and a 3 car detached garage.
The other acre has a 3 bedroom cape cod with a 2 car detached garage.
My goals: I would be completing basement refinishing to make additional rental unit thats 2 bed/ 1 bath. Upstairs would be 3 bed 1.5 bath. The house has an attached 1.5 car garage that i am converting into a studio rental. The 3 car garage will house my contracting company. Which still leaves the 5 bay pole barn available to rent out.
The other acre with the cape cod and 2 car garage needs a new kitchen to make move in ready. My goal is to refinish the kitchen, existing bathroom, add a bath to the masterbedroom upstairs and put a half bath in the basement.
Since it is for sale by owner I have already had the property inspected and title searches etc are all clean as well. We did take a step back on original price as now the inspection reports showed some serious deficiency with electrical panels that were recalled..
Next steps would be the closing table if I choose to go through with it.
Thanks for listening to my story and for offering advice I will work the numbers again and hopefully more desirable.
