In a local neighborhood, there’s a fill-in lot in between two houses that have values of $388k and $426k. These houses are built on an overlook of a creek. Strangely, the lot is extra long and spans both sides of the creek. The owner of the $388k house owns the lot and has owned both since 2008. Taxes are $2200 per year on the lot.
Every time I go by, I wonder if there is an opportunity here. And I wonder if the woman could be approached about getting an option on the lot. If that could be done, I’d be thinking about how to a approach a builder to explore the feasibility of putting house on the lot. And thereafter splitting the profits with the builder.
Anyone done anything like this? I don’t know what I don’t know on something like this, so any help would be appreciated.