Rural House Filipping?

[Joseph Molander]

I just found what looks like an amazing deal.  The problem is its about two hours away.  Also it's in a very rural area.  What are some things I should be looking for when flipping a house in an area that doesn't have every many sales but the sales they do have are pretty big?  I'm also looking for a lender in mid to north Mississippi to fund this flip if we can get it under contract for the right price. below are the numbers.

Original List price $125,00

30 days later it's listed for $110,00

brick house built in 2015

4 bed 3 bath

3,100 sf

8+ acres with a pond and creek

somewhere in the neighborhood of $70,000 needed in repairs.  I looks like they never finished construction so all the cosmetic finishes are needed along with some landscaping and a long driveway. 

It's just outside one of the fastest growing cities in the state.

I would love your thoughts on flipping big projects in rural areas.  As usual thanks for everything BP.

[Matt Vogt]

I would assume a large holding period. Unlike a dense urban setting, a rural property is most likely going to sit on the market for much longer before you find someone who is interested in that particular house. How much profit do you expect to have after your rehab and carrying costs? What does the worst (or 2nd from worst) case scenario look like, could you rent it out and not be too exposed? I'd have a backup plan or two in your pocket before pulling the trigger. It's always good to be over-prepared and ready for the worst thing. Additionally, if the market deteriorates, the rural properties will likely get hit the hardest.