Need a nudge in the right direction!

[Edward Kiser]

Hello BP friends, 

I'm looking at a potential flip and am caught in the "analysis paralysis" trap. However im also at the point to where I want to say f*@# it and just dive head first into this deal and never look back again. ANYWAY.... here is the meat and potatoes. 

I'm looking at a much older house (1917) in a GREAT booming little town north of Pittsburgh in the rural Cranberry area. Comps are around $250-$300k for similar homes... The catch is the house is down in a "dip" where a relatively busy street runs about 5ft above the house in the front yard. My first concern is being on a busy 2 lane road and that affecting my ability to sell quickly and for a good price. #2 the house is clean but was inspected and has issues with cracked joists, rafters and bad structural beams in the basement. Some floors are uneven and is in need of cosmetic updating all around (replace drop ceiling, drywall, paint, cabinets, bathroom, etc) it also needs a bathroom added as it's a 3 bed 1 bath. I had a good contractor come in and estimate about $85k in repairs as is (who knows what else we will get into here). Here are my numbers... $250k ARV, say $90k in repair, $100k purchase price and another $10k in fees/ closing costs. I'm all in at $200k with $50k for profit. The numbers seem okay but I'm just worried about the major repairs and weird location. Upsides: Beautiful lot, serene Creek running through back yard, attractive rural setting, expanding market, motivated seller.

Bad sides: Lots of work, unsure how to structure work with contractor and not get screwed over, out of my comfort zone, on a rather busy road, leaky basement and BIG investment for me. 

Any help/ advice would be greatly appreciated! 

I really want to make this happen I'm just second guessing myself and I'm tired of doing that!!!

[Greg Dickerson]

@Edward Kiser You should not take on a project like this for your first one. You should see if you can wholesale it to another investor. This is the best way to learn and get in the game without getting into trouble as they will tell you what they think and what should be done or not.