Milwaukee Renovation Loans

[Dennis Elverman]

Hi all,

I am an attorney and duplex owner that is on the hunt for my next multifamily. My current duplex is a 2/2 duplex that was purchased two years ago using an FHA loan, before I got married, and my now wife and I are expecting our first child. My house hunt so far has been focused on using another FHA loan since my family has expanded to get another duplex with at least one of the units having three bedrooms, and I would be able to keep my current FHA financed duplex that will cash flow easily once fully rented after we move out.

Across the street from my house is a mirror image duplex that has been unoccupied for years (I think nearly 15 years).  The family that owns it has been holding on to it and keeping it vacant waiting for the market to get better since it needs significant work.  It just came up on the market for around $70,000, is assessed at $160,000, and I am wondering if I shouldn't give it a shot.

Any recommendations for going about getting a renovation loan for the property?  I know about but am not savvy with 203k loans.  I would like to do an all-in-one deal to purchase the house and finance the reno, any suggestions?  The house likely needs a new roof, all new electrical, kitchens, siding, water heaters, furnaces/AC, floor refinishing, and substantial painting.