Newbie here from NE Houston

[Sean Julian]

Hello all...newbie here and thanks for having me!

I am meeting with my realtor and a contractor on a foreclosure. The realtor isn't excited about this property (foreclosures and fixer uppers in general) but she's being a good sport. I am finding that the banks around here won't refinance or finance unless the loan is for $100,000 or more and 25% down. That makes the ARV "need" to be about $131,000. Comps show $125000 on the high end.

Asking price $63000, best guess on rehab $50,000, ARV $125,000.

Because of the loan situation, is this a time to walk away or just plan on having my cash tied up until I can get an appraisal above $131,000 or the banks relax after the virus goes away?

Again, I’m not 100% certain on the rehab cost and I won’t be paying full price, I’m just trying to mentally prepare for post rehab and whether current financial situations make this type of rehab not possible for rookies.

Thanks all!