Kansas Ed,
Thanks for the information, and I agree that what I was told was a "worst-case" scenario. But with a property such as this, I only wanted to go forward if I was prepared for the worst case. If something were to happen to the dam, the property would be essentially worthless and you'd have to spend quite a bit to rebuild the dam and get the fishery back to where it was. That's not even taking into consideration any potential liability.
But as an update, my friend who had been looking at property with me decided to go ahead and purchase this piece. He's not as concerned with location as I am, and as the property had been sitting for two months with little interest, he was able to get it for about 8% less than my contract was written for. The appraisal should be done shortly and he'll progress from there.
Which is good for me. I plan on helping out with some of the costs and work, while I continue to take my time and try and find a property I'll be happy with in the long run more towards the NW of Houston.
