I'm excited

[Nat C.]

Hello Bigger Pockets friends! I just arrived back in the USA and an very happy to be here.

I have been monitoring a duplex in a very hot property area for some time.

It was under contract but that just fell through. Its currently priced at 200K and $89/sq ft which is substantially lower than the zipcode average. So I called the realtor to ask to see the inside. He informed me its a Fannie Mae Home Path property and there is currently a demolition order from the city scheduled for 26 July. He said no potential buyers want to tough it knowing this information. I asked what was wrong with the property and he said he tried to speak to the city but couldn't really find out. I said 'so price is negotiable, considering the demolition order?' and he replied 'sure, 160-165k'. I schedule an inspection with him this afternoon. Meanwhile I went to the property last night alone. I had a pretty good geezer around the premises and through the windows. The back unit was open so I got to tour through there. Having inspected hundreds of properties in Miami, this is one of the better rehab jobs I've seen. Its looks like concrete block construction, needs new kitchen and bathroom, some doors and windows. For the life of me I can't see what part of its needs to be demolished. So my plan is to go with a contractor tomorrow and then try to speak to the city to see what I can find out about what the code violations are and the potential of stopping the demolition. By the way, would the current owner (Fannie Mae) be billed for all demolition costs? Depending on what info I can attain from the city, I'm thinking a low ball offer, all cash, with quick close may potentially float. Does anyone have any advice to offer? (I mean helpful advise, not doomsday opinions). THANK YOU