There's a lot for sale in West Carrollton, Ohio

[Tobin S.]

It is zoned business and residential. It is a little less than a tenth of an acre, pretty small. The back joins to a carry-out business parking lot. One side joins with a residential property. It is a corner lot and the other two sides face streets. One of the streets is Central Ave., the main drag through West Carrollton and a busy street. Asking price is $4,900.

I've been wanting to invest in real estate for a long time and this lot would be something I can afford. But I can't figure out what I'd do with it. The lot used to have a house on it and has been on the market for ten years before and after the house was torn down. I could probably get it even cheaper than $4,900. What are the possibilities for a lot like this?

[flvegan]

1. Any comps in the area?

[Tobin S.]

2. What do you mean by "comps"?

[no name no slogan]

4. He means comparable properties

It's a real estate term used to describe properties that are of comparable value in the area. Real estate agents use it to tell whether or not a property is worth what the seller is asking for it.

[Tobin S.]

5. Oh, okay. Yeah

There are no properties that have that zoning and size to them in the area, but there are a couple of residential lots for sale that are comparable. They are asking $8,000 for those and they are located in an area that is quieter than the property that I'm looking at.

[rug]

3. It might be worth it unless there are tight restrictions on what you can build there due to its size

[leftyclimber]

6. Economically, I can't think of a single reason to buy anything in West Carollton.

It's an economic disaster in that whole part of Ohio, and I can't think of any reason it might change soon. You'd have to build on the lot, you'd have to fool with licenses and building codes, and I can't think of any business that would be worth the money to do that there. Even if you built a house and rented it out I don't think you'd be able to get your money back, nor could you sell it very easily.

It's cheap for a reason. Let someone else take the hit on that one. You'll have better opportunities.

[Tobin S.]

7. It would be bought with the idea that things are going to get better

You can get a really good deal on a house here right now.

[leftyclimber]

8. But if they don't

you're going to be in a world of hurt.

My inlaws all live in NE Ohio, around Lisbon and Warren and so forth. It's getting really hideous. The McMansions for the commuters are mostly empty. People are in really bad shape. The truck drivers there are hurting really, really bad (most of my ILs are truck drivers, as are a lot of folks around there). If I were going to invest in anything around that area it would be farmland. YMMV.

[Tobin S.]

9. They will

Think of it like buying stocks. The time to buy is when the market is in a downturn. You don't want to buy at the peaks, you want to buy in the valleys.

But I'm just floating an idea out there to see what people think. I just want to know what could be done with the property. As far as farm land goes, I can forget about that. I don't have a couple of hundred thousand laying around to invest in that.

As far as being a trucker goes, I'm doing really well at that right now. Yeah, a lot of truckers are hurting. I'm not and I won't be as long as I don't make a major mistake.

[leftyclimber]

10. Truthfully, if I had 5 grand I could part with I'd probably buy it.

But I'd also be aware that I might end up out 5 grand plus some property tax. If you're willing to do that and in the position to do so, I'd say go for it.

And as far as something that's completely lacking on the east coast, it's drive-through coffee. It's all over the place on the west coast, but I haven't seen one anywhere near me in the mid-Atlantic states. A little kiosk, a turnaround driveway, some landscaping, and drive through to get your coffee while you're on the way to wherever. God knows why it hasn't taken off here.

[merh]

11. Snoball stand.

If zoning will allow the portable building.

You need to try to find out if the size of the lot prevents new build.

Here, new businesses must have parking spaces and the like.

Sorry, that image was too big and I substituted a smaller one.