Concidering my first investment property. (and it is out of state)

[Angela Holm]

Hello! This is my first post. I'm currently reading Chad Carson’s book "The Small and Mighty". His real estate strategy really resonated with me. I’m currently visiting my family in Zenda, WI, a tiny town just south of Lake Geneva and on the border of Illinois. I noticed a house for sale that caught my attention. 


I am wondering if this could be a good first time investment property concidering the following pieces of information?

A bit about me:

• I live in Portland, OR (which is quite expensive)
• I’m a first-time homebuyer
• I’m interested in the "small and mighty" approach to real estate investing
• I'm actively contributing to my 401(k), maxing out my Roth IRA, and have $30K in savings. I only have student loan debt
• I have a full-time remote job
• I have no prior experience in real estate investing
• My credit score is high 700's

Here are the details about the property in Zenda,WI:

• Asking price: $235K
• It’s being sold by out-of-state heirs
• It needs at least $50K in repairs and updates
• The neighboring house recently sold for $235K (though I don’t have details on its condition before the sale)

A family friend who owns a construction company assessed the property and noted the following:

• Replacement Needed: Furnace, Water Heater, Water Softener, Floor (concrete replacement needed due to unevenness), Roof, Gutters
• Updates Needed: 1.5 Bathrooms
• Concerns: Black mold and water leak marks upstairs
• Remodel Suggestion: The staircase is very steep and narrow; recommended to relocate and extend it into the living space
• Additional Work: The property slopes downward, allowing rain to flow into the house. Recommendations include moving the patio away from the house and adding a retaining wall.

Other considerations:

• I already have a team in place locally to manage the property and handle repairs
• I visit the area biannually
• There’s another couple interested in the property and supposedly making an offer.
  
• I haven’t secured preapproval for a loan yet
• My credit union only services Oregon/Washington, so I can’t use them for a loan
• I’m unsure about the process of buying an investment property from out of state, as a first time home buyer, especially since I don’t plan to live in the property myself

What I’d like to know:

1. Does this seem like a solid investment opportunity?
2. If I proceed, what’s the best approach for financing, including downpayment and loans? How should I handle the necessary repairs?
3. Is this area considered desirable, given its location between Milwaukee and Chicago, and proximity to Lake Geneva?
4. With my current savings, is this property a reasonable first investment?
5. Any other advice or insights you might have?

Thank you so much for taking the time to read this and share your thoughts!