First Lead Broad Analyzing

[Mark Muse]

Hello all!

Thanks for taking the time to read and consider my post. 

I'll provide some background and then a potential deal (but maybe not, just the first property we're analyzing). 

My wife and I are soon to graduate from UNC. We have been listening to the podcasts, reading the articles, and reading the books. How to analyze a flip deal is in the mail as we speak, which is where I need some help. 

I will be taking a 40hr/wk job in hospital admin just to pay the bills and get started in the investing world. My wife and I are fortunately thrifty and savers and were able to profit about 20k together while getting our degrees without loans. This was in various forms, mainly working summers and investing in ultra-conservative stocks. We will have access to +~$3-5k after moving some things around, so a total ~$25k. 

Now, our first interest. 

GIS Parcel #s: 115040, 114988

Google maps view: https://www.google.com/maps/@3...

REIA posting: https://www.triadreia.org/Prop...

From the info we can gather on the GIS page, the parcels were assessed for combined lands and buildings value of 168.9k and are actually listed at $71.5k.  These are 2 houses on 7.74 acres: the 3bd2ba 1960sqft house built in 1938 (grade C) and the 2bd1ba 868sqft house built in 1940 (grade D). The houses look like dumps, but we're not afraid of work and not afraid to hire out work if the investment is profitable in the longer-term (or provides any +cash flow if renting). This is not the best part of town, but it is not the worst, and we think the city-limits acreage alone could eventually attract long-term renters or buyers. The idea would be to live-in flip for a period of time while my wife attends graduate school with ambitions to rent the second home or sell 1 or both in a maximum of 3 years. 

What do you all think? Too much of a dump or an interesting lead? 

I come to you extremely humbly and admit to being a better learner by doing than by reading and writing (its a miracle I've made it through college), though with something requiring most of our savings I want to read and hear as much as possible before committing. Not afraid of committing, just want to commit as knowledgeable as practically possible. 

Thanks again for taking the time to read and consider, 

Mark and Maddi