Old as Dirt Property | College Town

[Logan Hall]

Investment Opportunity? Yay or Nay

1,400 SF, two story house built in 1920's. Selling as a duplex, but with the the option of financing as a single family dwelling. 1 bed 1 bath downstairs, 3 bed 2 bath upstairs, with 1 of the bedrooms downstairs (horrible functionality).

I'm looking at purchasing this property and putting about 3x the purchase price in reno into the property to create a duplex: 2bed 2 bath upstairs and downstairs.

Property looks as if it should be torn down. Structural foundation needs repair, and a total gut job. New MEP, exterior, interior plus adding in the 4th bathroom.

Comps are not in my favor for ARV, but my estimated mortgage is $1300, and rent for both units is $2,000+.

List price is $87k.. Comps are favoring that it should be sold for less ( possibly around $44-55k. I'm thinking not likely b/c it's in a college town but idk.

My budget is $180k but I don't think reno can be less than $140k.

After writing this, Idk why I don't put in an offer and see what happens, but the property has been on the market for over a month and I have contractors coming next week to hopefully confirm my reno estimates.

Thoughts?