New Investor attempting first BRRRR in Columbus area

[Michael Gable]

Hello all! I am fairly new to this forum/website. I have been listening to the podcast for a couple months and have been doing research & having study sessions with a friend on a weekly basis. The BRRRR method seems very attractive to me. I have found an awesome realtor in the Columbus, OH area and she has been sending me properties on a daily basis along with loads of market trends/statistics for different neighborhoods. I found a property which seemed like a good candidate for BRRRR method, however, it is contingent on somethings. First off, this is a Fannie Mae property that has been on the market since May (wondering why). I have a contractor going out there today with the realtor and am expecting to gain more information along with a quote on how much repairs would cost. I noticed that the property is 2 bed 1 bath but is 1475 square feet. I asked to see about the potential of adding another bedroom/bathroom to increase the ARV. I want to make sure I am protecting myself in every aspect. Anybody with any experience have any suggestions/advice for me? Any more questions to ask, research to do in the meantime would be greatly appreciated. As an additional note, market data I have found seems inaccurate and all over the place (from Trulia) is there any better place to get good & reliable market data? Thanks and hope to hear back!