Buying a foreclosed home in my neighborhood

[Kyle Broughton]

I’m kind of new to this whole brrr thing when it comes to real estate investment and I would really love some advice on a potential investment I’m seeing. I’m on the bigger pockets foreclosure website and I’m seeing a property massively undervalued for its square footage and what homes surrounding it are going for. The asking price is 143900. The minimum price of a home I’ve found on Zillow in the same neighborhood is 16990 and the median price of homes of the same style in the same neighborhood is 225000. I live close enough where I could theoretically be a land lord however I could hire a property manager if the numbers work out. The neighborhood is mostly populated by middle class and military families that work on base or at the local saw mill and it is only 12 minutes away from base allowing me to potentially tap into the military commuters community. I have a great credit score and I am willing to do some of the minor contracting work (painting, retiling and landscaping) by myself as I don’t have a family and I am currently house hacking with other lieutenants and I’m essentially only paying 300 dollars or so to live in my house every month while still paying equity on my mortgage. Does this seem like something I could get some financing for as I could see myself getting at least 1500 in rent from a tenant after renovations. The town has grown over 163% since 2000 and the base just activated an new brigade which will up the demand for rental property as transient military families cycle in and out of the area. Generally military families (E-7 and above) are great renters as you have the option to call their chain of command if they are giving you trouble and the military already provides a predetermined housing allowance. It would be my first true investment property and I just want some advice before I actually seriously considered it.