Opinions Needed Regarding A Potential Property & City Water/Sewer

[Jon Franke]

I am beginning a property evaluation (flip) for a 1900's home that is foreclosed (4 bedroom 2 bath 2 story farm like house with 1.25 acres). The home has been on the market for a year and a half in a good market, so my guard is up already. That being said, the initial pictures looks manageable and the house on the outside looks decent. My question is this...the listing says the house is cistern water and septic tank. I usually equate the two, especially with the age of the home as negative. The numbers still seem like they pass the initial eye test. Current ask is $60k, which $50-55k is probably realistic. I haven't run comps, but using Zillow (which yes I know is a ballpark) the house is worth up to $160k in a solid school system area. Even at $135-140 ARV and assuming $25k renovations before considering the sewer and water line...that leaves a solid profit for me. Assuming after further research the city water and sewer are options...would this be a smart property to pursue? This is a possible large undertaking so looking for experience and/or advice. Any help is appreciated!