Looking at serious fire damaged property-looking for advice

[Kelly Conrad]

Hello! Just got funding and we're now looking through the MLS. We're looking at homes at or below 160k, multi-family to do a BRRRR. There is a listing for a home at 105 that's a duplex that has serious fire damage in one of the units. My husband is a carpenter, but we're worried that this is potentially a huge money pit if we're just starting out investing. There is a very long list of things that need to be brought up to code, and I'm wondering if anyone here has taken on such a project and if they were able to get any funds to fix up a home with such damage besides hard money.

We're thinking the value of this home about be around 160-180 once it's repaired, but if you're spending 60 grand to get the place up to code again, that's not worth it it you aren't even making any money on the deal.

Thoughts?

[Deanna McCormick]

run, don't walk.. looks like a mess looks like fire went up a stairwell and up thru to the roof.

and if it's north side of Mpls not much potential.. 

Keep looking