When a Rehab a Rebuild

[Jeremy Grice]

I have a lead on a foreclosure in the nicest area of a small Florida town 1/2 mile from the largest local employer.

It's a sprawling 2600 sq ft 4/2 which basically needs everything. It has roof leaks which will require extensive work. The roof requires a complete tear down/rebuild followed up with complete interior gut including plumping, HVAC, electrical, bathrooms, kitchens, wall coverings, ceilings, and floor coverings.

I can get the house with a 1/2 acre for 15k. Rough local comps would be 85k to 100k for a similar home in good shape. I've not penciled out the cost estimates yet and debating with my self on whether this is a waste of time.

Can you practically rebuild a house and still make money? Would appreciate other's thoughts.

I also thought it would make a good duplex if rehabbed correctly.