Custom build, possible investment? 9 beds 165k...

[Mark James II]

House description + plan 

listed $165k 

9 beds 3 baths 4500 Sqft

It looks nice from the outside on google maps and zillow/redfin/beenverified all "zestimate" the price at greater than $215k (in 2013) . 

In the description it says "Solid built custom home" and then "needs total redo but can be a great home once remodeled."

My plan would be to move in it as a primary residence and renovate over the course of a year. 

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The bad news is that this is in a secluded area, there are not many homes around to compare it to (its backed up to the woods)  and the ones that are, are $60k - $100k in what looks to be like a "subdivision" that failed to fully develop back in the 1980's.  

On the same block and same side there are 8 homes and 13 empty lots and about the same on the other side.  and then there are 2 other blocks with about the same and then they all come together at a 3 way stop which leads to the highway.

The closest comp I can find is one from a house 4 miles away that is $300k 3k sqft 4 bed 3 bath. It is in a more urban area and this one in a suburban area. 

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What are your thoughts? 

Am I missing something?

I plan to drive by tomorrow and E-mail the real estate agent.