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Should purchase the property

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Question 1: If you bought a property for US$450,000. If it can be rezoned for three apartments, you will be able to immediately resell the property for about US$500,000. You estimate that you have a 65% chance that your rezone request will be approved. If it fails, you can dump the property for US$350,000, or you can choose to appeal the zoning board's decision, which has only about a 10% chance of success. Applying for the zoning change and appealing an unfavorable ruling will each cost US$15,000. Should you purchase the property?

Reference no: EM132569253

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