My wife's uncle has 2 property's, right next to each other. He has his main home on one piece of property, and a small house that he rarely rents out on the other one. It's a tiny house on brick foundation with 1 bathroom, small living room (10x10) and 2 tiny rooms.

Me & my wife have been discussing that this may be a good piece of investment to purchase, since that area is starting to develop fast; ie: building alot of new subdivisions within miles of that home. He pays in property taxes 700 a year, and interest about 150 a year.... I'm not sure whats left on the mortgage, if anything at all.

If we do plan to get that house, our plans would be to get a large loan and either level out that house and start over from scratch, or keep the land and wait to see what happens in the future.

Here's my question: HOW or where can we research to see if it would be in our good judgement to further proceed into talking to him about buying it off of him, and also how can we figure out what a good price would be (in our favor of course) Ive seen what the "just mkt value" on the county's property appraiser site, it says 33K. On zestimate its around 75K for that property....

where is it at. consider location and what development is coming.. for as small due to the market value can it rent and stay rented,, remember.. land is of no value till it has real property use.. send me the apn number or last name of owner i am in calif but i may be bale to give more advice

I have moved this to the Buying section. You had this in the Intro area and will have a better chance of an answer here.

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Southwest Chicago Suburbs Real Estate is an affordable area with close access to downtown Chicago. Money Magazine says that Orland Park real estate is one of the best places to live in the U.S. Next door you can find Tinley Park homes for sale and get Orland Park amenities at a more affordable price.

you say the area is developing, you should look at things like new businesses coming into the area. this creates jobs in the area which pushes up demand for houses.

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Bad Credit history not such a problem with mortgages:
mortgages for people with bad credit, bad credit mortgage and IVA mortgage