Dave,
My concern is that 10' at the dam would significantly reduce the size of the lake...and as it's over 40 years old, the silt and lakebed wouldn't offer much alternative use.
I'm not opposed to pulling the size down somewhat, but don't want to do too much, as if the lake is shrunk down much, the attractiveness of the property begins to quickly drop.
If we go forward with the purchase, I'll do so with the intention of addressing the issues with the dam. Of course, the estimated cost will play a big part in it. $15k is palatable, especially given the relative low cost of the land itself (with an established lake and fish population), but if it's closer to the $50k side, then that's definitely going to have me seriously considering cutting my losses and moving on.
There's already a little bit of work (putting a gate in one fence and removing a gate from another) and improving the road access, but other than that (and the purchase of a small boat, trolling motor and battery) the land doesn't really need any work to use as is.
I'd like to camp on the property (or sleep in the motel with my wife and 9 month old) for a while while we work on the land and then start thinking about some sort of dwelling. So we're planning for the future, and any work to the dam will increase the cost somewhat...I'm just trying to get a handle on how much before the end of my option period.
I'll post the report once I get it and hope to get some input from the kind folks here.
Thanks.
