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So if no heating or cooling does that mean all duct work will have to be done? I would assume that would be pretty costly.
Also looks like that stove is electric not gas, which will drive you nuts and you may want to replace with gas.
How is the condition of the wood?
Not only does the home lack "photo appeal" there is nothing to suggest that this property is worth substantially more today that it was in 2000, joker likely installed some DIY vinyl siding to cover the rotted away who-knows-what that the place had when this mastermind bought the mess -- ugly, ramshackle structure, too many bedrooms, too few bathrooms, weird manufactured housing, issues with HVAC, overly large property that is almost certainly inconveniently located for anyone with the sort of job like to afford the cost / time required to maintain this much land...
Not just "money pit" but also "unsellable white elephant". Me thinks there are very good reason this in not listed with a real estate firm -- no agent would come up with a price anywhere near what the looney bird trying to sell this is currently asking!
Honestly I have not been through Nashville in about a decade but I know that there have been folks involved in the music business that often have built rather large impressive homes with attached recording studios in 'em tucked away in quiet wooded areas so I can almost understand what is going through the mind of the seller but they are completely bonkers if they have dreamed that this property falls into such a category -- it looks more likely to be sort of "cult compound starter kit" -- get yourself a flock of gullible followers and arm yourself to the teeth for when the ATF people come after you...
As others have said MAYBE if you had a large family and needed additional quarters for relatives or employees then you could use this sort of place but to kind yourself into believing this is some kind of "deal" suggests that the joker trying to con you into taking this beast off his hands has some kind of Jedi powers of persuasion...
Here is a email the owner of the property sent me, We are willing to go down on the price to around $185,000.00 rather than $220,000.00. This would be an "as is" sale with there needing to be some repairs made. The property is around 12 acres plus or minus and belongs to our corporation but there should be no problem selling it in this matter. I simply can not work in Nashville and keep up with the maintenance and repairs. There is the big old farmhouse and two mobile homes. There is also a tiny commercial kitchen on the property as well. I do not know exactly what we will leave with the property but I sure that we will most likely leave some things.
This property is in Pegram near Nashville. I do believe the owner has not had much luck selling this because he talked like he was real happy about me calling.
I don't think it will be easy, if at all possible, to get a loan on this. Since the mobile homes are part of the package, they would have to meet stringent loan approval requirements.
If a lender were found how much of an issue is that heating and cooling situation you mention? Would a lender lend...well, particularly regarding heating... and would occupancy be allowed.
How is plumbing? Septic? A few separate systems?
And, in the end, if you ever got a loan on the entire property, the entire property would be your collateral. Therefore, if you were to piece off the mobile homes and land...well, there would go the collateral so you'd have to do something about that. A lender wouldn't allow loss of the collateral. So you'd have to think about paying the loan off or some arrangment.
This property is in Pegram near Nashville. I do believe the owner has not had much luck selling this because he talked like he was real happy about me calling.
First, no one here knows that market and if the sale price is appropriate. Do some research on sale prices of similar properties. What does 11/12 acres of land sell for in the area. That should be your starting point. Neither the mobile homes or house look habitable. Getting a loan will be very difficult.
Yes, he's happy because he thinks he's found a fool. Don't be the fool.
First, no one here knows that market and if the sale price is appropriate. Do some research on sale prices of similar properties. What does 11/12 acres of land sell for in the area. That should be your starting point. Neither the mobile homes or house look habitable. Getting a loan will be very difficult.
Yes, he's happy because he thinks he's found a fool. Don't be the fool.
Someone told me a acre sells for 25,000 in Pegram. Land is not flat here, so this property is most likely on a side of hill or mountain which I think lowers the price down.
Someone told me a acre sells for 25,000 in Pegram. Land is not flat here, so this property is most likely on a side of hill or mountain which I think lowers the price down.
I don't know the area, but I really doubt that acreage parcels in that part of TN are going for $25,000/acre. A 1-acre building lot could easily go for $25,000, but that doesn't really translate into a general per-acre value. You also need to realize that per-acre prices will vary considerably by location, size of the parcel, zoning, topography, etc., etc.--even within a given community.
Besides, I sure wouldn't rely on what someone just tells you.
You need to find proof its a good deal. Similar properties without the trailers that are for sale, or have sold. Then put a separate price tag on the trailers based on condition, etc, and add them in.
At the end of the day, it would need to appraise out before the bank gave you a loan. Is it a good deal? Only you will know after you do the research.
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