What's it worth?

[deadeye]

Here's the question of the year, at least for me.  I may have an opportunity to buy some land (connected to mine) that has this cabin on it.  My problem is trying to fix a value to the cabin.  Here are the factors the can be used to estimate the value.
1. Built in 2003 making it 12 years old.
2. Floor, walls and ceiling are insulated.
3. Main Cabin is 24x34 = 816 sq. feet.
4. Mud room  6x12.
5. Front porch 8x14.
6. Three bedrooms, bath, kitchen, and great room.
7. No running water, bath and kitchen are plumed.
8. Wired for 110 with generator power.
9. Cabin is just over two miles from tar road with deeded access.
10. Needs some work on the support.  The cabin is built on pilings of
of concrete below the frost line however, the timbers resting on top of
the 6x6 posts have the ends crushed about 1.2 inches.  Probably would require jacking up and adding sister stringers next to the existing ones (three 24 foot runs)
Here are some pictures to help you evaluate.  If you can compare it to other similar cabins you may have seen.

[HD]

Ballpark, not knowing where it's located.....10,000 to 15,000 (just the cabin)

[The General]

How many acres is it on and where it is located?  That to me would make a difference on the price. 

[glenn57]

I suck at putting values to something, sorry deadeye, but I can say this the interior sure looks nice. outside could use a little TLC!!!!!!!!!!

[dew2]

A Garage now days done by a contractor costs around $30 to $40 a sq ft. A House runs about 70 to 90.Depends whats there the craftsmanship,finishes,roof, siding. It adds up quick.Do it yourself and cut the costs almost in half. do the math and it will get close to prices. Whats its tax value?? Thats always low but a good starting point.

[deadeye]

General, it's on 77 acres.  It's next to my land and I actually have property on three sides of this property.  Central Minnesota.  I know what the land is worth because it's next to the best darn hunting land in the County.... Mine. 
I'm just trying to get a feel for what the building is worth without the land.
Thanks,

glenn, not much help but you sure have a grasp of the obvious. 

dew2,  It's pretty standard cabin build.  Interior (walls and ceiling) are covered with tongue and grove knotty pine.  Floors are pine boards.  Cabinets were hand built by a carpenter (rustic to match the cabin).  Propane radiant heat.  Nothing fancy. 

[The General]

With every thing you say with regards to your land around it I would say it's worth way more to you than anyone else.  I personally would go with HD's ballpark maybe even 10 to 5 grand.  The reason I asked how much land is because I think right around 80 acres would be the most it's going to be worth.  Put that thing on 10 acres and it's worth nothing unless it's on a lake.  Put it on 200 acres and it wouldn't be worth much either just a selling point.  If someone can afford to buy 200 acres they can afford to put something nicer then that and would want to be able to run electricity.  Doesn't sound like that's an option here.  77 acres and this Id say $100k assuming it's not farm land.  Then there would be no ceiling and the building would be worthless and just in the way.

[HD]

Is that another out building next to the house?

[Boar]

I think G is pretty close, hunting land... about a grand give or take a few hundy an acre, but like said, a building on the land can be a selling point for sure. but take the building away.....say 80,000 for the land and a nie solid structure like it seems would easily be worth 20 grand. My neighbor just put up a two stall single overhead door, 5 inch slab, nicley done..... 20 grand and that a garage with no electric or running water or sewer.

[glenn57]

General, it's on 77 acres.  It's next to my land and I actually have property on three sides of this property.  Central Minnesota.  I know what the land is worth because it's next to the best darn hunting land in the County.... Mine. 
I'm just trying to get a feel for what the building is worth without the land.
Thanks,

glenn, not much help but you sure have a grasp of the obvious. 

dew2,  It's pretty standard cabin build.  Interior (walls and ceiling) are covered with tongue and grove knotty pine.  Floors are pine boards.  Cabinets were hand built by a carpenter (rustic to match the cabin).  Propane radiant heat.  Nothing fancy.

hey I  try!!!!!!!!!!

[deadeye]

Thanks guys.  My take was I wouldn't pay more for the land with the cabin on it, but I also wouldn't ask to pay less if the cabin wasn't there.  Make sense?  For me it's doesn't add or take away from the value of the land. 
HD, Yes there are a couple other out buildings.  Not to impressive though.
There is an 8x45 foot container there also.
There is a nice food plot that has been pounded since the snow.

I would pay what I think the land is worth with or without the cabin.  I just wanted to get an idea of what fellow MNO'er though the cabin itself would cost to build. 



 

[dew2]

 I'm sure you must know all tax info is public domain,If your county has a GIS system tax records may be there,Or just drive to the county seat and ask to view that property,In those records you'll find what the county assessed the structures at.They are most always low estimates BUT the owner may agree with their assessments.

[corny13]

New build, with that many windows, mudroom,porch and windows, siding, 25-30K in materials.  Prices have gone up a LOT!

[deadeye]

Decision time may be near.  Last night I spoke with the owner and he indicated they basically have agreed to a price on the property they are looking to buy.  They now plan to submit an official purchase agreement.  If this is accepted, I probably will have to decide if I should go through with the purchase of this property.  This reminds me of one of my uncles (the uncle I purchase my original property from) always said "It's only once in your lifetime that property next to yours becomes available, if it does, just pay the asking price and decide what to do with it later".  This past week I spent time checking out the southern portion of this property.  Although familiar with it, I had not been on it for 5 years.  I wanted to get a "feel" for what it would be like to own this property.  The land is not a problem as it can stay just as it is with little or no work. However, the cabin is another story.  I know it takes time, effort, work and expense to keep up a cabin.  On the other hand, it does open up the possibility to have more guests or perhaps lease some of the land.  Other factors to consider are access to this property is via an easement across my land.  If I owned this property, It would eliminate the issue of people crossing my land as well as not having to deal with potentially problem neighbors.     

[HD]

Do you know what the taxes on that parcel is per year?

[deadeye]

yes, the total is $1322.  However, it is currently classified as "4C12-Seasonal recreational residential - Non Commercial" and I would change it to 2c (managed forest) which would reduce it to around $850

[ray634]

I would go with what your uncle told you. It sounds like you would have most of a half section? with the new land. If you do a little fix up you could let it out to guests for a donation. My hunting party all kick in 20 each for "electric" .  The cabin could easy go to 30,000 or more if you tried to build it now.

What do you consider central MN? St Cloud or Brainerd?

If you do the SFIA program the payments are around 7 - 8 per acre per year and as long as you do not develop it, the restrictions are minimal. My payment covers taxes on the whole place before income taxes.

[deadeye]

ray634,
My property is located between St Cloud and Onamia.  I looked into the SFIA program a couple times and each time ran into things I didn't like. I'm not opposed to putting a covenant on my land but there are some other restrictions I didn't like  Also, there is talk of the State doing away with this program.  I currently have more land than I can use but as they say, you can never have too much land or too many guns.   

[corny13]

Good luck Deadeye hope you can get it!!

[deadeye]

Well, today I closed on this property.  Because access to this property was across my land, now no one has the right to cross my property. I think it will be a great addition to my existing preserve.  I now officially have more land than I know what to do with.  I may consider leasing the cabin and some acreage around it for bow hunting.  By the week or entire season whatever makes more sense.     

[HD]

So, if you don't mind me asking. ...how much?

[glenn57]

Congrats DEADEYE!!;  SO where abouts your land at?  Maybe need a christianing!!!

[deadeye]

I paid $110,000 for the land and cabin.  Someone said it's probably worth more to me than most anyone else and they were probably right.  Being I currently own the land on two sides and part of the third side, I no longer have to be concerned about someone in the middle.  Also, there was the access issue as this land was accessed by crossing mine.  And also the fact that I just wanted it should count for something.  Yes, we probably should have an MNO party there one day.   

[Boar]

great!.good for you! always a great investmemt.

[The General]

Congrats deadeye.  Enjoy your new place.

[deadeye]

I contacted my insurance agent to get a quote for the cabin.  I sent numerous pictures and had discussions about the cabin construction, size, foundation etc. and they came back with a replacement price of $128,000.  This is more than double what I expected.  Of course, I know replacement cost is not always the same as value but this seems way off.  Does anyone have any idea regarding insuring a cabin?  I may just have to insure it myself. 

Getting a little help staining the floors (well, actually a lot of help)