Auction no no, I should've known better!

[Chuck Patel]

Hey all, well I did something I know was going to bite me in the #%@* sooner or later. I purchased a home sight unseen, only the pictures on zillow.  I did well on my first three houses and I was getting a bit cocky. Purchased the house for 55k, was going to put a 100k into it and arv OF 200K.  I did a walk through last week, there are a multiple number of trees that will need to be cut, the chimney is leaning out about 6 to 8 inches, the floor in the living room is 3 inches lower on one side, so the floor tilts one way. Mold in a back wall and the best for last, the second bathroom in the basement and actually the whole basement has a 5 foot ceiling height (must of had some little people back in the 50's when this was built). Other then these few things this a great little house.  

Anyways, I think I can salvage the property, probably not make anything on it immediately but could break even.  BUT, I was thinking if I was to tear it down and put up a couple of tiny homes on it, maybe modular homes, it has space for two and zoned for it. Building a duplex right now seems so expensive so I thought of modular homes.  What do you guys think out there, I appreciate the input from everyone.  Thanks!!