This was an investment property for him, he's never lived here. The sad thing is we live in the sticks and small farms are being sold off to developers. Some of these places have been in the same family for generations. We keep getting told all these McMansions will bring in more tax revenue then these little townships jack up the taxes. 4 years ago, there were an average of 4000 homes for sale. Today it's 10,000 and they're still building. Idiots.
Fiscal idiocy.
If it was an investment property, he’s going to die before he sees a return on it, unless he breaks it up.
Nobody is going to pay that much for 80 acres with a house. Not unless town moves closer. And the taxes will just get higher. Yep. Stupidy runs rampant where he lives, for sure.
I think your landowner has overvalued his property by at least double. I'm guessing he paid about $350,000 for it about ten years ago.
Even a generous appreciation puts its current value at $800,000. It may even be worth it.
But that would put a 30-year mortgage payment at five thousand a month. You need a good plan for how to make the property generate income to support that level of financing, or you need to have enough interested parties, (i.e. your grown children), who will support its purchase.
Is there a way to set up a combination business plan that could make it an income-producing property? Perhaps a bed-and-breakfast/conference center/retreat or a commercial winery or such?
It would be nice to salvage the intact property, but it looks hopeless without a grand vision.