Ogden Utah Victorian home live in flip

[Jeremy Robinson]

I lost out on a duplex that had a 1.3% cap rate. Bummer, so now I am looking at a 6 bedroom 5 bathroom (2 full 3 half) Victorian home for 190k. The house is beautiful but needs a lot of work, and this scares the poo or of me. Normally I wouldn't consider this because it is not a multi family like I want,  and it is above 100 for a flip in ogden. Here is the kicker, it is 2 blocks from the junction in ogden, and the city is trying to revitalize all of downtown and this is right in the area. This house in its present state is at least 700k in my home town austin, but I an afraid to speculate in a foreign market to me like ogden. I don't know ogden enough to even know weather to have faith in the city councils intentions.  This would be a live in flip and I would try and find renters/roommates for me while living there. Floors slope, there is a addition on the back of the house that includes the kitchen, two bedrooms and a barroom that is two stories and I don't know if it was permitted. It has an old furnace in the dirt floor basement, the status going down are not up to code, and the doorways between rooms are to narrow to be code. Lots of work, and I can't speculate ogdens market because I don't know enough, and also scared this might be to big of a bite for a first timer. Should I run and keep looking for a multi, or leap and hope?