Apt/commercial building in Fairbault, MN under contract

[Ryan Keller]

I have a property in Fairbault, MN under contract for purchase. It is in the center of this small historic downtown area. Structurally it is sound but EXTENSIVE rehab will need to be done to the interior, heating, plumbing etc etc... My initial plan was to put $50,000 in the property in rehab and refi after completion and hold onto it. After walking the property I don't think $50,000 would touch the rehab amount. The building has a large commercial opportunity on the bottom and a large apartment on top. Does anyone have any thoughts or recommendations for me to pursue? Or should I walk away from this? There would also be an opportunity for storage in the basement so potentially 3 different income streams. Do cities have grants to assist in revitalizing their downtown area? Is it worth the trouble? Thanks, Ryan Keller