Looking to rehab a huge 3,000sqft house.

[Tyler D.]

I was browsing properties and found one that could possibly be a steal. It's a foreclosure, and a huge house with an old but regal-looking construction. A little over 3k sqft. It's not in an amazing area, but the price appears to be a steal, if repair costs can be kept low.

This house is going for about 190k, while 1000sqft SFHs in the same area go for 200k or more. It was sold for 208k back 20 years ago, and has actually decreased in price while most houses in this area have double or quadrupled in price since then. It was sold back in 2012 for 270k and was put on the market for 340k about a year ago, before being foreclosed on.

All in all, looks like a potential steal depending on the rehab costs. I've never done a rehab before, but it is old. Built in 1920, and has some scary looking walls and floors. I'd probably want to do the most full rehab I could do without going crazy with the budget. I'm hoping I could completely clean the place up for 50k to 100k tops.

So, what do you think? I'd like to scoop this place up and start rehabbing it, but want to make sure I'm not walking into a trap. Thanks in advance for the advice.