Inherited Property Slipping through my HANDS!

[Dawn Latoyce]

i just recently inherited a 1000 sq. Ft. 3 bedroom 1 bath sitting on 1/2 acre.  I have $30,000 to invest to flip.  I had 2 GC's come out to place bids.  One said $30,000 is not enough and walked out within 10 minutes.  The other agreed and suggested that I at least have the inside sprayed so that it would be appealing to an investor.  The spray paint would cost $3,500.  

The property was built in the 1960's and has had no work done in 40+ years.  It is breath takingly beautiful (to me, lol). The roof was replaced last year.  Needs Gut Rehab.  

A realtor indicated that she could look for an investor to purchase the property for around $35,000. I'm thinking this number may simply be for the land the house is sitting on. She also said that should I decide to flip the property that it would sell for around $100,000.  It sits next to two recently built $300,000+ homes sitting on about 10 acres however the other homes on the street are run down.  

Any suggestions on how to proceed are greatly appreciated. 

[Katie Neason]

Is there any value in demoing the house and replatting it into 2 or 3 lots? What is allowed under the zoning? Duplex? I would set up a meeting with the city's development services department and see what your options are.