Is this a good deal?

[Bryan Ghorbani]

Hi all,

I posted this to my local forum as well but haven't gotten any replies (probably because its a small market area) so I'm going to post this to a wider audience:

I sent out some direct mailers a few weeks ago and got some call-backs! I know. I'm shocked as well. One of the call-backs piqued my interest because I believe I can get a good deal out of it and I wanted to gather your opinions. Here are the basics of the property:

• Huge duplex at 3109-3111 Ruckle St. Indianapolis.
• each side is 2bd (upstairs), 2BA, large dining and living rooms (separate)
• vacant lot next door on the corner
• near some revitalized areas
• seller has 100% equity

The main drawback of this deal is the property is a complete mess. It likely needs to be torn down to the studs and rebuilt from scratch. The seller's ideal price is $24k but I'm 100% certain I can talk him down. 

http://www.zillow.com/homedetails/3109-Ruckle-St-I...

How would/should you play this potential deal?

Thanks in advance to anyone out there in BP land who has some guidance to offer. I'm really looking at better neighborhoods to invest in but for some reason I found this deal attractive and interesting.

Cheers,

Bryan