Buying a rental 30k under market value but needs 32k in repairs

[Alex Schar]

Hi,

So my business partner and I are looking to purchase a duplex under FHA and house hack it. We were able to get it 30K under market value, but it has repairs needed. The plumbing would be 22K, Roof 7K, and foundation at $1,200.

I love this house and it will cash flow around $300 a month after we move out. But I'm not so sure about forking up so much cash up front. The roofer and the plumber says I can hold off on the repairs for a few years, but they are necessary.

Any thoughts?