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Updated over 5 years ago,
Invest in property w/o seeing interior
I am interested in a property that is set to come up for auction. It is a 3 bed 2.5 bath, 1700 sq ft SFH built in 1980. The starting bid is 125k and the comps suggest that a good ARV would be between 380k - 400k. So there is the potential there for a great deal.
The drawback is that there is no interior access to the property, since it currently has residents. I'm not sure if they are renting tenants with a lease, or the owners who were foreclosed on (and might have to be evicted). As such, I can't get a good idea about what the rehab costs might run or when I might be able to kick off a rehab should I bid and win.
When I look at sites such as Auction.com, I notice that there are many properties listed that are listed similarly with no interior access allowed prior to bidding. Does anybody on the forums have experience with this type of investment?