Is this a deal?

[Derek Daun]

$85k purchase price. Fannie Mae HomePath open to investors

ARV = $180k-$210k (The high end accounts for selling next spring)

Property Description: 110 year old high water bungalow

Previous owner was an investor who bought at the top of the market, and then started substantional remodelling before getting red flagged for not permitting anything. They finally threw in the towel in 2013, and Fannie Mae has been sitting on it since.

850sq feet uppper living space

Another finishable but not necessarily 'habitable' 850 square feet (counting garage) on lower section of building.

-Foundation and bones of the house are in fantastic shape. Much better than my other properties from that era.

-Plumbing and swere almost completely updated, but probably needs a couple of fixes and inspections due to red flag

-Electrical almost completely updated, but still needs a couple sections of knob and tube pulled out. Additionally there is a second meter that needs to be removed. Some how the previous owner convinced the power company to install a second meter without a permit on an R1 property.

-Upstairs would get gutted to the studs (which should make any electrical/plumbing fixes straight forward)

-New drywall upstairs and downstairs (1500sq ft)

-New kitchen

-New bathroom

-New windows (15)

-The wood siding is actually in okay shape, but the paint is the problem. It might be easier to pull it all down and replace.

-Install central heat and air.

-New floors

-New outside stairs

Realistically, I'm not really looking for a deal right now, as I'm in between purchases, but I'm trying tune my model for what I'll be able to focus on next year.