Residential Lot Deal In Atlanta Burb
This is a land foreclosure deal ( bank owned) approx. four acre of residential lot on a small lake. The surrounding homes are 700K upward. County appraisal is 140K. Another regular 2 acre lot close by has ASKING price of 250+K. Average sub division lots less then an acre go from 20K to 40-45K ( for 150-250K homes) Bank is looking for around 45-50K for 4 acre lot. Which is approx. 30-35% of the county accessed price. Any comments about likely risks ? If current home prices are around 700K with two acre land, can reasonably expect 1M price for the house on this lot and hence 200K + potential value ? I am looking for an equity partner who will invest cash for purchase and yearly taxes & insurance , to get back all cash investment plus 50% of profit in lieu of interest.
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