How much would you pay for a fire damaged house?

[Andrew S.]

Aspiring investor here. My goal is to buy my first BRRR within the next 3 years, investing long distance in the Midwest.

On Zillow I have seen some houses in decent areas with fire damage or needing structural work going for under $20k, a few for as little as $5k! That seems like a laughably low price.

Would you buy a house with fire damage?  How would I go about getting a ballpark estimate on a full gut and remodel before buying a property when I’m investing out of state?

[Eliott Elias]

Do not buy fire damaged properties without an expert looking at them. There are heavy rules and regulations when it comes to fire damage. Often times, tearing down is a better solution than remediation.