Finding double-digit acreage in New York State for under $100,000 is an incredibly rare occurrence in today’s real estate market. When a listing pops up offering over 15 acres, sub-$50 per square foot metrics, and attached mineral rights, it immediately sets off radar screens for land bankers, homesteaders, and aggressive fix-and-flip investors. However, real estate priced this low always comes with a structural reality check.
Located at 11850 Parker Rd, Perrysburg, NY 14129, this 15.15-acre farm property is currently listed at $99,900. While the acreage and private dead-end road location sound like an off-grid dream, the listing terms make it explicitly clear: SOLD AS IS, CASH OFFERS ONLY. The main 1860s farmhouse suffers from severe, catastrophic structural compromise.
Let’s dive deep into the pros, cons, layout details, and pricing economics of this Perrysburg property to determine whether it is an unpolished gem or a financial hazard.
Property Specifications at a Glance
| Metric / Feature | Property Specification |
| Listing Price | $99,900 |
| Price Per Square Foot | $49 / sqft |
| Total Acreage | 15.15 Acres (Irregular lot, greenbelt features) |
| Main Structure Area | 2,022 Sq. Ft. (5 Bedrooms / 2 Full Bathrooms) |
| Year Built | 1860 |
| Additional Structures | Second smaller dwelling / cottage & general outbuildings |
| Special Condition | Extensive foundation failure & unstable floors throughout |
| Listing Terms | Strictly Cash Only |
| Tax Assessed Value | $186,300 |
| Annual Property Taxes | $3,715 / year |
The Pros: The True Value Assets of the Property
If you look past the deteriorating wood siding of the main 1860 farmhouse, the underlying land assets and legal rights packaged into this deal are remarkably strong.
1. Massive Acreage and High-Tier Privacy
The layout of this property offers ultimate seclusion. Positioned at the very end of a true dead-end road, you face zero through-traffic and complete privacy from neighboring lots. As delineated in the aerial property boundaries shown in
the lot features a beautiful mix of open, flat green pastures ideal for agriculture or livestock, backed by an expansive stand of mature trees. The broader regional landscape, captured in
showcases just how deeply integrated this parcel is within Western New York’s rolling countryside.
2. Income-Generating Gas and Mineral Rights
One of the most unique additions to this transaction is the inclusion of gas rights. In this region of New York, owning the gas rights means you have the legal claim to underground natural gas deposits. Depending on local utility connections or historical leases tied to the parcel, this can either provide a steady, passive royalty stream to help offset your holding costs or give you the ability to establish a private, off-grid fuel source directly from your own land.
3. The “Two Dwellings” Multi-Unit Blueprint
The property contains two separate residential structures. While the large 2,022-square-foot farmhouse is the primary footprint, there is a second independent cottage on site. This layout configuration is clearly visible in the aerial overviews
Having two distinct dwelling footprints already cleared and mapped by the county is an incredible advantage for anyone looking to build a multi-generational family compound, or set up a secondary short-term rental unit to generate passive income while restoring the primary home.
4. Established On-Site Utilities
Developing raw acreage requires massive upfront capital expenditure to bring utilities to the property line. This parcel completely eliminates that headache. It features public water connected to the site, an existing septic tank system, and active electricity hookups. Even though the listing notes the water lines are currently turned off for safety reasons, having the physical meters, pipes, and grid lines already built saves a buyer an estimated $20,000 to $40,000 in municipal connection fees.
The Cons: The Serious Capital Risks
This property is priced at $49 per square foot for a distinct reason. It possesses major structural warning signs that will immediately disqualify standard buyers and casual DIY renovators.
1. Catastrophic Foundation and Floor Failures
The listing explicitly warns that the main house has extensive foundation issues and that portions of the indoor flooring are completely unstable. The home relies on an 1860-era stone foundation with a dirt basement floor. Over 160+ winters, stone foundations without proper drainage can bow, crack, and cave in due to intense hydrostatic pressure.
As seen in the rear and side exterior profiles
the structural settling has caused noticeable warping along the rooflines and structural attachments. Unstable flooring means moisture has likely rotted the primary rim joists and sill plates. Walking inside is a genuine safety hazard.
2. The Restrictive “Cash Only” Barrier
Because the main dwelling lacks a stable foundation, the property cannot pass a basic appraisal. This means standard financing vehicles—such as conventional bank loans, FHA rehabilitation loans, or VA agricultural loans—are 100% impossible to secure. To acquire this property, you must have the full $99,900 purchase price ready in liquid cash, plus an additional cash reserve to fund immediate structural stabilization.
3. The Secondary Unit Structural Condition
The second smaller cottage, highlighted on the ground level in
also displays clear signs of advanced age and deferred maintenance. A close-up side view of this building
reveals a crumbling stacked-stone perimeter foundation and peeling paint. This indicates that you are not just restoring one house; you are effectively inheriting two major structural renovation projects simultaneously.
Price Analysis and Market Dynamics
The property was listed on May 15, 2026, for $99,900. Showings were heavily restricted due to the unsafe interior state and active guard dogs present on site. Despite the extreme “Cash Only” restriction and structural damage, the property went to Pending Sale on June 2, 2026—just 18 days after hitting the market.
This rapid turnaround proves that the local real estate market recognizes the intense value of the 15.15-acre plot itself. The county currently holds the tax assessed value of the property at $186,300. By purchasing the estate at $99,900, the buyer secured the land at a 46.3% discount relative to its tax assessment value. Even if the main farmhouse is eventually deemed a total loss and requires controlled demolition, the raw value of 15.5 acres of private, utility-connected land with gas rights easily justifies a $100,000 cash acquisition.
The Final Investment Verdict
Is this property a smart buy? Yes, but exclusively as a land-value play.
- Who should avoid it: Avoid this property if you are looking for a weekend fixer-upper project where you can patch the walls, layout new carpet, and move in. The foundation work required here involves heavy machinery, structural house-jacking, and engineering permits.
- Who should buy it: This is a goldmine for cash-flush investors, experienced home builders, or off-grid homesteaders. The smartest path forward is to live in an RV or restore the smaller cottage first
- while treating the main 1860 farmhouse as a long-term reconstruction project or a source of reclaimed historic lumber.
Listed on Zillow