Would you buy a mold house?

[Steve S.]

estimate from GC is $40,000 in mold damage and repairs. If true, could bring a $50k profit once rehabbed. 

What gotchas am I missing?  Would you avoid at all costs?

[Chris Brown]

Almost every old house has some mold in it somewhere. If you take the correct steps to address the existing mold, either professionally or DIY, and remove the source of moisture, then it should be good. I have had several homes with mold issues and have hired licensed professionals to do remediation and watched their processes closely, and I have addressed it myself, both with the same results. Now I am talking surface mold, if it is so bad that framing has to be removed, that is another story entirely. One that can still be doable, but you are now talking reframing, etc. 

If the numbers make sense, then the smell of mold smells like money to me. Most people wont mess with it and I can get the price down. Get multiple quotes to get comfortable with numbers and go for it if they work.

Best of luck.