UNDER OFFER
Looks like some one has made an offer on the property.. its set in a pretty remote out of the way area.
TBH the only short term potential if you could call it that, is if you can find tenants to rent the 12 houses and even @ $100 a week if you could get tenants to that amount and live that far from any town with facilities , you are looking at maybe getting a return on your investment after 10< 15 years +
Problem, isolation and distance to shops, work, Schools hospital fuel etc etc
If you were to invest additional capital in to development as suggested you would need to have a very supportive bank manager who could manage extremely high risk investments..
The land size @ 37 acres or 15 hectors is $33,300 per 10,000 square meters is way over priced to be honest
The average cost per house is $41,600 (500k divided 12 houses) which is about 3 times their market value $10>15 K.
So even if you were to try and put them up for sale for relocation, I doubt you will find buyers and the relocation cost would makes it impossible to make a profit.
Subdividing the land and selling them as a house and lot package , is also unprofitable.
Unless you had deep pockets and a fool proof income generating vision and planning approval to even start with, I would not look at this as a good investment..
If you were looking for a farm to purchase , there are farms for sale in that region with a median land price of $4,225 per Hector(10,000 mtrs 2 ) including 3 bedroom farm house and farm buildings. There is one on the market priced at $550,000 with 130 hectors of arable land only 80 kilometres away.
