Should this property be my first BRRRR?

[Jim S.]

It's an old duplex and a detached single unit built in 1920. Currently rented out under market value, bringing in a total of 2500. Its ARV is 1.2 million, I can get it for 700k.

This is an expensive market in CA. Look up Ojai, CA if you’re curious.

Anyways, I’ve never done this but the math checks out. I’m concerned about rehab headaches in dealing with the city, pulling permits and funding it. Thoughts?