care to share the area, R35K for 500 odd m² seems like a nice sit and hold
Me and @padjakkels bought it together pretty impulsive if you ask me (:
Its in Touwsrivier, so probably not a "good" area, but for the price by the heck not.
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Welcome btw, hope you enjoy the stay here.
Any suggestions what we should do with the property? Should we sell it again? Develop it?
Building is quite expensive and you may not get the returns in rental to make it worth it if you building a residential unit. You could build a cheaper square building such as a hall or church (which would require a caretaker), I assume its a residential area though. R37k is not a lot so you will probably be able to make a profit by selling it later on without putting more money in and stressing.
If your plan in such an area is rentals (which don't fetch a lot) then you may be better off buying a fixer upper like this not spending more than R80k on renovating and renting it out. Hopefully you can get a grand a room a month and the place pays for itself in 8.5 years (I have no idea if you will get that much as I'm not familiar with the area). But you will not be able to build a house that size at current rates of around R5k m2 (maybe its cheaper to build in the country side?) and expect to make a profit soon. That is at least my take.