Flip opportunity

[Joey Shevelson]

I just noticed this on Zillow and I bet someone on here might be interested in a flip:

http://u.zillow.com/p3K0fV/

I'm posting this because I live near this listing which could make it relatively convenient for me to partner with a more experienced investor and provide some boots on the ground project management as well as capital.

I've been on the sidelines for the last little while reading up and saving up and I'm ready to jump in and start building experience.

If nothing else, I'm interested in what forum watchers see when they look at this property. Here's what I see: obviously in really bad shape so the rehab budget would be high. On the other hand, a 3/1 in this neighborhood should be at ~$450K minimum so there could be some room to maneuver on a $200K list price. Lots of houses around there are getting major updates and renovations, so a full tear-down and re-build of a larger home could be viable too, though that is way outside my ability to eyeball.

My other initial thought: I'm surprised to see something like this publicly listed. I would imagine in an active market like ours someone would have locked it up wholesale for a flipper.

Again, I'm interested in hearing impressions, and if anyone is going to seriously take a look I'm open to discussing partnership opportunities on it. I'll be keeping an eye on it either way since again I happen to know the area very well and it should be an instructive test case.