Trent no offense but you are talking about a pipe dream.So you have zero experience yet want a huge payout.I have worked for developers assembling land.My biggest project was on about 25 acres with a 600,000 sq ft mixed-use retail project with an after build value of 150 million dollars.Money is tight right now and unless you have an awesome piece of land most developers are doing repositions where they can reface a shopping center and make new again.This cost much less money than building from scratch.New development has a bunch large down requirements as construction projects are required in phases for lending.What I have seen happen is they bought a piece of land as a group.Leveled it with the first phase of money and then starting putting in pipes and concrete and the second round of funding fell through.They could line up more funding but it is much more expensive then what they had before and the percentages would affect to much the partners that have already put in money.So in those types of situations the partners would much rather wait for the lending environment to get better to get reasonable terms for the next round of funding to finish the project plus rent rates will have most likely improved by the time it is built instead of right now and concessions will be down.Holding costs while waiting is a concern but is balanced against other factors.The anchor for a big project like that will wait a few years if the location is that good.If it is a sub par corner the anchor will cancel their commitment and move to a better location instead of waiting for that one to be built.If you like development go work for a firm with experience and put in your time learning the ropes.To think about this other stuff is a waste of time.

IF your pipes are throwing rust and scale its plugged inside.

I countered at 120,000.

I took two trips of approximately 300 miles each round trip to buy my kitchen cabinets/sink/counter tops.

I was out voted by the bean counters (wife & mom lol)My game plan is to give it 30 days at 109,900.

It sounds like they are trying to hide property defects or low values with a counter balance of saying "hey, look at all the rental dollars".

The house could have frozen pipes, mold, water damage, structural.

You could have an illegal conversion and permits were never pulled.Unless you are a contractor or a seasoned investor you can't begin to fathom the costs involved with a property of this age.The reno costs could outweigh the value of the building and the land combined.Galvanized pipes,foundation issues,out dated electrical panel,knob and tube wiring,asbestos,lead based paint,mold,radon,update of new HVAC system,septic and or sewer issues,etc.Unless maybe they owner finance you and you do the sweat equity over time and refinance them out later I wouldn't touch it.Make sure you get an inspection.

Pipe dream?

So many people here shy away from condos because of the potential HOA problems, but it seems single families in vacation areas might have trouble with vandalism or even a broken pipe with no one to see it until a week later-- when 15K of damage has been done.