Very distressed 1/2 duplex

[Matthew Hafer]

Near my hometown there is this 2 bed 1 bath and a bonus room 1/2 duplex for sale, its beat up...no electric service, needs a ton of work asking price is $2900. I cant stop thinking about this house. Whats the worst that could happen? $2900 plus a few grand to get electric reconnected, then a few months and a maybe 10000 in general rehab expenses, paint, and flooring so I'm in for 15-17 k and the area has similar properties that rent for 400-500 a month and/or sell for 30-40k I know my math is a little vague I haven't run the math on BP tools, this would be my first investment, it's the only thing I can afford right now. 2900 I could do, and with no mortgage I could spend time on the rehab without a monthly payment draining me. Am I nuts?