IM HESITATING ON THIS PROPERTY AS MY FIRST DEAL

[Corey Kenney]

Okay so this is where I’m at. I’ve been looking for a few months now for my first flip, all the properties I found that had potential where scooped up quickly so when I see something that has sit on the market for a while it makes me think I’m missing something. I walked a property yesterday that is a 4/3 2500sqft. Farm house style Foreclosure that was built in 1930 and sits on 2 Acres. All the comps in the area are 300 or more for the newly renovated properties and they are in demand. Asking price is 80K and They have been dropping the price 10k every month. From what I can see it looks structurally sound, siding looks good windows are okay. It looks like it has septic and well water but that’s to be expected in that area. Oil heat with the tank in the basement but no AC. The electrical panel looks scary and is no way up to code but it is upgraded so that’s a plus and The outlets I could see were grounded too so I took that as a win but i guess it could be knob and tube with newer lines mixed in because there is way to many wires going into the panel. The power lines are hanging down in the yard but I don’t see much more besides some mold from roof leaks and the rest would need to be gutted and re-rocked maybe move a wall or two to open it up for what we are looking to do. So do I put it under contract and see if my number work out and then back out if I have to. I didn’t want to do a deal this big but I feel good about it. Do I walk away or do I push forward and get the inspection done and get estimates. On what contingency would I be able to back out if I just under estimated the rehab??