Wholesale deal? Or don't?

[Nathan Hall]

$7500 for what appears to be ~0.5 acre fenced lot, two homes, one listed as rent-ready and one needing some obvious work just from looking at the outside during a walk-by today.

Just based on perceived square footage of the smaller "rent ready" unit, I estimate that I could get it rented fairly quickly for anywhere from 600-750 per month, depending on the interior and based on what I've gotten for other units in the area. The larger unit would go closer to $1200 a month probably, if I could get it rehabbed (~2000 sq ft).

This is a C-D class property at the moment but with some TLC could be very cute, and based on the price it seems immediately flippable for 20-30k, with the seller still getting plenty of value.

What am I missing? I'm meeting the wholesaler early next week to check out the interiors but barring something cataclysmic, I'm leaning towards pulling the trigger. What are some pitfalls that I might be missing? I've never bought from wholesale before.

Thanks for reading, and I appreciate any thoughtful replies.