House on a lake in NJ

[Marty Happle]

I have a realtor in my church that knows I'm looking for flips. She took me to a lake house in North West Jersey that is on the largest lake in NJ. It is one of the only lakes in the state that full size motor boats can go on. We don't have a lot of large lakes in the 3rd smallest state.

Now the house is listed as a 4-3 with a dock. It is not a gut job but maybe a 50% change on 2 baths and kitchen. Nice appliances would be in order. It is on a hill so the front of the house can't be seen from the road and there is no driveway. You park up on the street and walk down stairs. A garage may be able to be built but that would require some columns or a 15 ft block foundation to go up to the road. The dock is awesome and can fit like 3 boats with a canopy. Nice area on the bottom by the dock and then 2 big decks on the next 2 levels with a small deck on the master up top. All great views of the lake, actually amazing views. It would need a face lift on the outside with nice pavers for stairs and the front landing.

The realtor gave me like 6 comps and none are on the same street. This is an unlisted foreclosure going on the MLS soon. Bank is saying like $325,000. I'm thinking at least $75,000 in rehab. She's saying it can go for $600,000. There are comps on the lake that say are that high, but not on the same street.

Lake front is very promising of course, especially this lake. Do comps on any part of the lake work since it's not about curb appeal but lake appeal?

This house has TONS of lake appeal potential, but the front is scaring me and the lack of a driveway. I can't imagine bringing in groceries on a weekly basis.