Your Help Needed - Assessing a Colorado Fixer Upper

[Austin Plough]

Hello Bigger Pockets Community!

I originally posted this in Deal Analysis, thought to share here as well.

I need your help for tips and tricks to assess a fixer upper.

How do you determine the value of a home when considering the amount of work required?

What criteria must be met to move forward with an opportunity?

My wife & I recently looked at a Garfield County house built in 1960 with 4 beds, 2 baths, and is 2,174 sqft. It has a basement that could serve as rental space. The 0.3-acre lot has loads of potential.

Our first impression? The house will require a lot of love, no doubt needing more than paint and new flooring. Not being well-versed in electrical, heating, plumbing, etc., I struggle to estimate the costs needed to rehab.

When speaking with the realtor, I guess it is not common to have a home appraised before it is listed. For $640K I am thinking it will fly off the market, but who knows.

Thanks much, all!

Austin