First flip - too much work??!

[Jessica Vanderveen]

Hello! I just put an offer in on my first investment property. We just had the home inspection and there are a lot of major things wrong with it - needs a new roof, new windows, has rotting support posts, asbestos, knob and tube wiring, needs new septic. This would be a total gut job and put everything back together.

It's a century home and the foundation and structure is good. It has beautiful high ceilings and original trim and doors, and a great layout. Great location too just outside of the city, and I know it could be a beautiful family home. 

Here are a few numbers: ARV 350K. Renovations ~200K. We're hoping to get the price down to 50K.

Would you do it??