PLEASE ANY THOUGHTS
I really have learned much reading the answers from the specialists on this board and welcome/appreciate ideas.
Project description
3+ acres with excellent location; in heart of city on hilltop. Unblocked view. Stubbed, partially graded, zoned with precise grading plan. Roadway and paved access in place. (Location 9/10). Last untouched hillside in city for 4 estates. Slope is <20 deg. Very very workable with 90% of land usable after grading. No environmental, geologic, flood/fire sone, or other negatives. Seller just does not have time to move dirt and is relocating.
Adjacent lots of 0.22 acres assessed value of $210K; homes (standard 4K sq ft. homes w/i tract community) at current value of around $800K (Prices down 10% from prior year).
Purchase price of 3+ acres @ $540K with owner carryback available. Recent appraisal as is $800K, estimate based on improvements $1.5 million.
Dilemma
Only have $30K deposit, and need $60K for improvements (complete grading and permits, plus cul de sac).
Expect to parcel 3 X 0.5 acre lots and 1 X 2 acre lot and then sell pads. Estimate sales revenue of $1 - 1.5 million on lots within 12 months.
Potential for custom build/spec later, but separate transaction.
Architect and engineer providing services as soft-equity until sale.
I know this is brief, but I need some creative options.
Regards.