House on market 365+ days on market - Crazy? Good Deal?

[Mario Cuartas]

Has anyone ever invested on a MFH that has been in the market for over 365 days?

There is a property I am looking at, in a really hot market, that is a 4 unit MFH with all 1:1 units. The property is Being sold for $76K and is worth 180k. There must be obvious reasons so many people have passed up on this one, however, I see it as an opportunity. If I am able to get it for $45-$55k and invest $85k on rehab, It could generate great returns. Many investors have seen it and passed up on the opportunity, which really scares me. Does anyone have any success stories of buying a property that no one else wanted? As a new investor I feel that I am very naive and willing try things that seem very scary to some tenured investors who have become overly cautious due to past failures. Sometimes I wonder, have they become jaded and pass up on Greta opportunities just because they have become overly cautious? But I also wonder, other investors were wiser than I, so I should pass if they all have also.

I plan on walking the property with a contractor before placing an offer with the intent of scoping out the needed work on electrical, plumbing, roofing, and the foundation, which would be the big ticket items, along with all other work.

What do you say, should I run like the wind? Or explore it further? What advice do you have for me?