Analyzing my first rehab - Kansas City

[Johnathan Massie]

Hi, all!

I'm thinking of pulling the trigger on a rehab in Kansas City.  The repairs seem straightforward enough, but there are some red flags that I'd like to have looked at by a professional (or three, lol) to ease my concerns.

I work primarily in Minneapolis, so my repair estimates are in Mpls dollars.  I've been assured by a couple of pros in KC that you can gut and fully rehab a small house for about 30k.  Seems low, but home prices are lower across the board in KC vs. Mpls.

My numbers are:

• Conservative ARV = $70k
• Repairs = $30k
• ($70k * .7) - $30k = $19k

...and I think $19k definitely gets the contract signed.

The numbers work fine if everything goes according to plan, but there are three wild cards:

1. The lot behind the house slopes steeply down into the back wall of the house.  There is water coming into the house, as evidenced by black mold on some of the existing sheet rock that will be torn out. A rough illustration, where "A" is the hill and "|" is the back wall:    A.|   Could need some kind of drainage system at the bottom of the hill behind the house, or a retaining wall to divert the flow.
2. The slab is cracked and the floor slopes downward a bit toward the front of the house.  Not a lot, but just a bit,  This could be a big deal or not a big deal.
3. There is a bit of black mold on the ceiling near the brick chimney that vents the furnace. This roof repair around the chimney could be simple, or the roof - which LOOKS like it's in OK shape, may need extensive repairs. 

So, either this is an easy rehab, or it's a potential disaster and the repairs get way out of hand.

I know I may be able to get the house under contract with an inspection contingency, and bring some experts through to assess the situation.  But I'm not sure how to organize this, and if I'll need to pay for them to have a look, or if it would qualify as an estimate and be free.  

How would you proceed here?