Sell/Hold/Develop/Buy Next door: Marsden QLD

seems to be a lot of chatter about Marsden QLD, so here is another one

TLDR story

Myself and ex partner purchased a severely fire damaged prop, did a lot of work to it including new roof, replacing affected roof beams

Fast fwd a few years, ex partner wants out, originally I was going to buy her out, ive changed my mind on the basis I think the $$$ could be spent elsewhere and I am not too confident of the long term prospects of CG

Had an offer, fell through due to BP inspection, obviously past fire damage will always come up, a few of the roof beams seem a bit suspect.
Going to be hard to sell at respectable prices, unless we discount stupidly

have been considering to try and buy next door (agent currently talking to owners), and then to hold/develop

Just looking to brainstorm a few ideas, any ideas welcome!

Details:
Asking Price: $300k
Rent: $350pw
LVR: 0%
Block: 630sqm, with a slope to the back
next door: 620sqm, 617 sqm

 

I don't understand why buying next door helps you with your current issue with this property, unless 1+1=3 or something like that.

 

1) How are you going to release your ex from the existing property?
2) Do you think it's a good idea to use 100% cash to buy the property next door seeing as you mentioned you're "not too confident of the long term prospects of CG" in the area?
You could get better returns on that cash if invested in a different area or something other than property

 

Seems like a very expensive way to potentially save some money.

How much would it cost to fix the current problem? (Replace the suspect beams and any other damage, so that it doesn't cause any concerns for future buyers)

 

1) Ill obviously have to buy her out
2)yeah I agree, its not going to boom, so development will have a little more risk,
it might be a case of throwing a huge chunk of money at it for low returns vs cutting loss and having a small loss

not too sure at the moment, gettting quotes, but roof beems are expensive, the materials in particular, also throw in the "its a big job" image surcharge/premium

 

Structural damage is very expensive to repair.. sometimes it is cheaper to demolish and build a new one.

I wont buy fire damaged property unless selling land value - demolition cost.

 

These two statements contradict each other.
You either replaced all the affected beams, or you didn’t.

 

either we didnt replace every single one we needed to

OR

the BP report is just assuming every beam thats even discoloured is not good


we are still investigating

 

If I m the buyer, I will ask for engineer's report and also council permit for renovation (due to structural involvement.