It's difficult to say that for $1 plus a large investment in CAPEX, one could not make a $20 million venture profitable.
Others with more knowledge of agronomy can opine on bermuda or bent, that's a detail.
Assume the following:
1. Temp. clubhouse for the 1st few years - saves $$$
2. It will take 12 months from closing to re-open - turf needs to be re-established, grown in, weeded, etc
3. Maintenance staff & equipment need to be added to care for what is effectively a new "grow-in".
4. Marketing Plan created to bring back the customer.
5. Permitting- a meeting with The County Officials will be required. No matter the noise, the broken golf course isn;t something elected officails want in their County. There may be some permitting that requires updtaing or work completed the originals guys didn't do, but that can occur in parrallel to the "grow-in".
6. Without any real due diligence, the CAPEX on this could be $3.0 million....$1.0 million to get te place shaped up (sod, seed, tree work, fix paths/bridges, etc.), 1.0 million for equipment, paying outstanding fees, professionals services, closing, etc. and $1.0 million in carry for the grow-in (staff, fert & chemicals,utilities,G&A,etc.)
At $3.0 million all in, the numbers should work.
JMHO
QED
BK