It makes a big improvement for not-a-lot of cashola.  

When you are buying a rental that needs updating, you want to make sure you don't over improve it. 

Rent increases and dropping MI would improve the the performance over time. 

Joseph,If the land has not been improved and it is owned in your name, you may have coverage under your personal insurance (Homeowners, Condo, or Renters policy).

I believe (go look it up to be sure) that you must offer the tenant 1 months rent payment or 1 month of free rent at the end of the tenancy in order to terminate, and must terminate in order to 'make substantial improvements'.

Have you contacted the city/county to make sure you can subdivide and that improvements can be tapped and roads accessed?

Flipping you would need all the above and probably have to open a line of credit for improvements.

On the other hand, if you are ok with waiting the area will more than likely improve over time, and combined with the cheap prices and outrageously low taxes (just skip grocery shopping for a week) and your holding costs for the year will be next to nothing.If you have any more questions please reach out.Dan Powers - Real Estate Agent

We're always looking to improve neighborhoods and help families in transition.

So out of pure embarrassment I started to learn what it meant to run a real estate business.These thing are the best things I learned. 1) I'm doing this to improve my life and the lives of others2) These people are my clients not my family or my friends3) If I don't quit loosing money get out and leave it to others.4) This is way too easy to be hard.My first situation was rent collection. driving hours every month to collect rent, sometime 2 and 3 times just to find no one home.