This property is 1.4 acres with a four bedroom, one bath home in need of extensive renovations. It is bank owned with an asking price of about $70k. (The assessed value of the property is about $135k) The 1.4 acre property has 276 feet of street frontage and is zoned single family residential. This particular town has a minimum lot size of about 12,000 sf, with 100 feet of frontage, so it looks like the lot could be subdivided if the home now on the lot is torn down. As a bonus, the municipality allows two family dwellings on lots zoned single family residential, so potentially four units could be put on this lot (if it is subdivided). The lot is serviced by municipal water and sewer, and electric is on the road. On the negative side, there is a cemetery across the street from the house and an abandoned railroad track at the rear of one portion of the lot.
Any ideas how much to tear down a home? Is it more difficult to rent or sell a dwelling near a cemetery? Can anyone envision this property being turned into an economical flip or a buy and hold income producing property?
Thanks.
