Deal Analysis - How far should we rehab?

[Ethan Pankratz]

Alright I'm a new member, so I'll try to be quick and to the point...

Our team bought a flip in Burnsville, MN this past week. It was a hoarder house, and has been vacant for 10 yrs. We are 4 weeks from closing, and we need to decide on how far to take this project. We currently see 3 option :

1 - Bare minimum - Simply make the home fanciable and livable. Includes: Drywall repairs, appliances, some paint, some flooring, roof, furnace ac and water heater, etc. About $275 ARV

2 - Lipstick - Make it decent. All of the above, plus: paint siding, all flooring, all paint, paint kitchen cabinets, fixtures where needed. ARV tbd

3 - Full Renovation - Top of the market. Go all out. All of the above, plus: extensive drywall and texture, total kitchen reno, total bath reno, new siding, windows, all new fixtures. $370 ARV

Let me know your thoughts. Purchase price was $180, so just trying to figure out how to maximize profits/time. Some pics are included.

Thanks in advance!