203k loan for a BRRRR with a multi-unit.

[Joshua Vanderzanden]

Hey everyone, while looking for a deal I came across a property that is a 3 unit 9 bedroom 6 bathroom with a 3 car garage. There was a fire in the first floor unit and went all the way to the roof with a hole in it. The fire was in the back of the building. I still have not been able to go into the building, I was only able a walk around myself. While looking at the building, I was asking neighbors and found out from one that the fire happened from squatters in the kitchen.

They are asking 130,000...the next door building sold for 350,000. Which was the same building updated but they turned the dining room into an extra bedroom making all the units 4 bedroom 2 bathroom. Rent for them is 1600-1700 each.

Am I wasting my time with this? Should this be a great deal?

How long does it normally take for a rehab like this? 203k loan only allows 6 months for the work to get done.

Please help