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Building ‘guest house’ on lot(s) first?- North Texas

We’ve put an offer in on an absolute dream property that is two adjacent lots. There was a bidding war, but we should find out today.

The higher lot with AMAZING views has an older, severely neglected house. It has a stone pathway that leads down to the lower lot that flattens out again.

Due to the condition of the house, it’s definitely a cash offer sort of situation. Our plan, should they accept our offer, would be to build a minimally expensive ‘guest house’ on the lower lot. We’d want it to look acceptable from the outside but thinking bare bones finishing on the inside for now. When that was done, we’d move into the property and start renting out our current place. Then we could take our time and decide if the old house can be rehabbed or would need to be torn plan for a new construction.

It would give us a lot of flexibility for timeframe and get to enjoy the property sooner. Also, since it’s two lots we could always rent out the ‘guest house’ later down the road or even sell that property if we absolutely had to.

I’ve done some due diligence and the feasibility of building a small structure on the lower lot (city codes, talking to a city council person, surgery, etc.) and it SHOULD be feasible.

That being said, is this an insane idea? Any idea a ball park range of construction could be?

This is a one in a million type of lot to us. If we don’t get it, so be it, but we’re willing to be creative here if it’s reasonable.

submitted by /u/daisylouiser
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source https://www.reddit.com/r/RealEstate/comments/sauz3m/building_guest_house_on_lots_first_north_texas/
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