Foreclosure, to buy or not to buy?

[Antonio Porta]

Any advice given is very much appreciated.. 

I have about 100k to invest, currently I have 1 investment property one block from a College and it is currently rented to college students.  It is a very good income producer, I have checklists in place to minimize vacancy albeit due to the high turnover rate of the college rental market. I have dealt with student rentals for 8 years now so I do have experience in that niche market. 

A foreclosure came available one block from the newly expanded portion of campus. I do not have any experience in managing a remodeling project to hire contractors and assess bids etc.  The potential monthly rent after remodeled is $2,500 up to $2,800 for the property, depending on if we decided use nicer features in the units. 

It is currently on the market for $119,000, though after seeing the property it does  need a substantial about of remodeling not to mention 8 potential tree removal that are hovering over the house and may pose a threat to it in the event of a bad storm.  

The realtor mentioned that there has been 3 other offers on the property.. not sure if this is a selling tactic to get me to place an offer. 

My next actionable goal is to call 3 local contractors and gather estimates from each of them.  I would like to have an idea of how much it is going to cost to turn the place around/remodel prior to placing an offer. 

I am thinking with the amount of money I have it wold be best go conventional on another investment property near the college but this is such a great opportunity because the house is less than 1 block from campus, while the other investment properties I have seen are further away and therefore may be less attractive to college students. 

Being a newer investor with little experience in hiring contractors, I am open to hiring or potentially even partnering on this deal with someone who has experience in project management and or remodeling. 

Is it wise to purchase a foreclosure so early on in my real estate career?  

[Mateusz Prawdzik]

@Antonio Porta Foreclosure or not. The only difference is that you have to pay cash for it. If you are talking about a sheriff sale that is, if you are talking about a property that was already foreclosed upon and the bank took it and cleaned it and listed it, then it's called an REO. Like we discussed, leveraging with hard money would be the best bet, all you have to do is make sure the numbers make sense. I can come and take a look for you if you want, or if you send me pictures to my cell, I can do my best to tell you what I think the rehab would run you.