THE HOUSE IS PRICED AT WHOLESALE, AT FORECLOSURE, AT SUPER BARGAIN, AT DISTRESS, HOWEVER YOU WANT TO PUT IT...
The amount of land being sold with this property is 2.55 acres. The Western Pawnee County land being sold has been selling recently for about $2,530 per acre. It's actually some amount higher than that right now, because that evaluation was done about 2 years ago, and the price of land in Kansas has been rising relatively rapidly in the 2 1/2 years I have owned this property. But I will conservatively use the cost researched in 2006 in the following calculations.
The vast majority of house lots around the country range in size from about .1 acre at the small extreme to about 1 acre at the large extreme. We can calculate what this property would be selling for if it consisted of just the house and various typical amounts of land. In other words, we can look at what the price would be if there were not an extra 2 acres or so of land, a 2,800 sq. ft. building, and several other outbuildings included.
House and .10 acre extremely small lot: $8,453
House and .20 acre very small lot: $8,706
House and .30 acre small lot: $8,959
House and .40 acre medium lot: $9,212
House and .50 acre large lot: $9,465
House and .60 acre large lot plus: $9,718
House and .70 acre very large lot: $9,971
House and .85 acre very large lot plus: $10,351
House and 1.00 acre extremely large lot: $10,730
So this shows you that the house is beihg sold as if it was a foreclosure or a distress sale. But unlike actual foreclosure and distress sales of houses where the price is less than $10,000:
WHAT REAL DISTRESS FORECLOSURE HOUSES FREQUENTLY HAVE AS NEGATIVES BUT THIS HOUSE DOES NOT:
1. This house is livable as is. The electrical and plumbing systems are in good working order, and the kitchen and bathroom fixtures are as well. The heating system, however, is limited and needs to be upgraded with heating units that cost a few hundred dollars at Home Depot.
2. The most important basics of the house are in solidly good condition, including the foundation, the roof, the siding, the floors, and the interior walls. There is no fire damage, holes in walls, holes in ceilings, or holes in floors. There is a small 8 foot square area of missing kitchen ceiling tiles.
3. The property tax for this property is less than $400 per year, less than what it is for most other super bargain foreclosures.
4. The cost of electricity at this property is 9-11 cents per kilowatt hour, versus 15-20 cents per kilowatt for many or most other super bargain foreclosures.
5. Whoever buys this house does NOT have to have the house inspected by and follow any orders of local government employees before they can occupy the premises because that type of regulation does not exist in Pawnee County.
6. Moreover, whoever buys this can update and upgrade as little as or as much as they want free of prohibitions, permit requirements, permit fees, fines, penalties, and so forth because, once again, those mechanisms that add large amount of time and cost to upgrades of housing, for all practical purposes, do not exist in Pawnee County. To sum it up simply, unlike with most other ultra low priced properties around the country, you can do as much as or as little as you want to this property without government interference and without government fees.
7. This house is in an extremely low crime area, whereas most foreclosure super bargains in states such as Michigan and Ohio are located in areas that have far higher burglary and other crime rates.
The fact is, this house is one of the most outstanding bargains in the entire United States being sold in 2008. But in order to take advantage of the house deal, you have to be willing to pay a few thousand dollars for the excess land and a few thousand dollars for the quonset building and the other outbuildings in order to take advantage of the house price.
If you have no current, practical use for the land in mind, consider the peace, privacy, and freedom that comes from owning it. Consider also that you may learn how to garden in the months and years after you buy the land.
Similarly, even if you currently have no practical use for the quonset building in mind, consider that you might have a practical use for it some months in the future. For example, you can start and grow an ebay business and use the building for inventory. With the type of room you have in the quonset building, in fact, you could have a business servicing existing ebay businesses by fulfulling orders for whatever you want to buy and store in the building. Because remember that most ebay sellers do not actually have and ship the items that they sell. So from where do sellers ship the merchandise that their buyers buy? Some ebay sellers could get whatever merchandise you choose to specialize in from your quonset building.
With that business plan, you would avoid the task of developing a retail ebay business from scratch yourself.
As for me, I could theoretically have such a business, but I have a computer/writing career ongoing which takes up all my time.
