Hey Ernie, You have gotten some excellent feedback already, here is my 2 cents. The property really needs to have an appraisal as a commercial property. It is probable that the land is actually more valuable than the home would appraise for as a residetial property. Also, it is always possible to rent the proeprty to a business leaving it as a residence style building. This can be tricky as building codes and laws are different for a commercial building than a residence. This can be a complicated decsion and process if you do not have the backgorund or resources to put it together. I would suggest a good commercial realtor, an appraiser and an attorney. If I can be of otehr assistance please contact our office.

The last time I had it appraised (2004) it appraised at $114,500.00. Since then, retail development within 3 city blocks has boomed. A new church is one block away, a new QuickTrip is one block away, a new business park is two blocks away, a CVS is two blocks away and the strip mall across the street.
I wish I had the funds to keep this property and lease it, but the reality is I don't.

Get it re-zoned and lease it out! Best use for any property is usually commercial. In front of a strip mall? Do you have to sell because folks don't usually fall into this position and holding it for a few more years may yield even more income! Perhaps lease to own it to a dentist. You can buy your home using the lease income received to qualify. Depending on the structure of the contract you can leverage your property to buy another one while holding it to build equity.

I actually have a client of mine relocating they own a landscaping business would like to have land and house, that has been an issue for us too locate. It depends on how your property has been zoned I am interested in learning more

FYI DON'T PURCHASE another proeprty unless you have a real estate agent representing you whether that be a foreclosure, builder or direct from a seller

You may contact me on Monday I am working with clients on Sunday. I would like to know more.

You may want to consult with an appraiser to determine "highest and best use" of the property. There are many factors that need to be considered to determine if the property would be better as commercial rather than residential. That is something only a certified or certified general appraiser is qualified to do.

Ernie,
If the future zoning plan allows for the change then maybe you should list with a commercial broker. They can then market it to their clients. It costs nothing for you to interview and ask them to run a CMA on your home as a commercial property. The problem I see is that commercial deals most of the time take longer. Now you maybe in a good location and get snapped up but, just make sure to ask what they think of how long it will take.

Larry Story
Coldwell Banker Triad