Bryan: I'm not familiar with land prices in that area, but just for comparison's sake I thought I'd mention that I recently looked at a small parcel of land (2.5 acres) about 10 minutes from my house that had a large shop and a small house on an adjacent lot next to a new subdivision. Owned by a general contractor I know, he used it as headquarters while he built out the subdivision, now he seeks to sell it. Asking price was over $300K. Yours is a deal compared to that.
I'm still wrestling with some legal and engineering issues related to my own "Manshed" build, and some progress has been made (after spending about $15K out of pocket for Legal and for Engineering). I'm already into that overall project for a tidy sum for the lot and the 40' by 60' foundation. Next up is the construction itself, which I estimate to cost around $45 per square foot. Building will be 4460 square feet. It's rapidly getting more expensive but I'm committed to the effort
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In order to secure the construction loan the bank says I need to show some income from the building, so I have decided to include a two bedroom two bath unit on the main level just to satisfy that requirement. That takes about 1000 square feet from my personal use. If all goes as expected I hope to be pouring concrete this Winter
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Good luck with your new venture. Next time I drive out to the suburbs of Cleveland to visit Mom I'll try to arrange to stop by and toast your new place
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Cheers!
TomK