Septic System and Well in NJ Property

[Melody Kushi]

Good morning BP Mates!

My business partner and I looked at a potential property in South Jersey over the weekend. The home has great bones, beautiful original floors but needs major repairs. Potential repair costs will be $40k plus this Septic System. It is in a great city, low crime and great school system which houses do not sell less than $400k.

The downside is that it has a septic system. I know nothing about this and was wondering if anyone can give me some feedback on this system...is it possible to update to city water? How much are inspections for this kind of system?

Realtor already stated that the system might need to be replaced as the home has been vacant for more than a year.

If my exit strategy is to wholesale this property, how much should I anticipate for repair cost for my potential buyer?

FYI: home is listed at a very good price as seller is an older lady and can no longer take care of this property from where she currently lives. Listed less than $100k.

Any feedback is appreciated.