Won a bid on auction.com

[Kristopher Bustillo]

Hello all,

I won a bid on auction.com for 113k with light rehab in West Deland, FL. The ARV is 145-155 range. I spotted a similar house for sale in the area for 130k turn key. My purpose is to buy and rent. I haven't seen the house personally (did Online bid). The rent is $1100-1300 s as far it's demanding. My question is "is it worth it?" Am I paying too much (I mean I am using cash and was expecting a deep discount dive) ? Not enough meat on the bone ? With the rent , I could potentially meet the 1%

With 113k , I can do two separate investment , but finance at a high 6% interest rate. Pro is I get 2 houses instead of one. Also, my mortgage banker informed me I have to wait 6 month seasoning period before I can do a cash out.