Newberry Opportunity $150k under Tax Assessed Value

Description

Located just outside of Gainesville, Florida in the subdivision of Marlboro Farms, are two 2.72 acre lots next to each other. The total acreage for both lots is 5.44 acres. The first lot has a 3,000 square foot pool on it with a 2-car detached garage. The home, however, needs to be torn down and is unsafe to enter. The second lot is vacant but will need to be cleared. The current taxable value for both lots is $402,437, giving the new owner a sizable discount on our asking price. With older homes in this subdivision selling between $500-600k, we are suggesting removing the existing home and clearing both lots, and building two 2500 square foot homes. With an estimated build cost of $125 per square foot, this opportunity should yield an excellent profit once completed. Properties at this price, and almost $200k under taxable value, are rare and hard to come by.