Too big a bite for a newbie?

[Daniel J.]

I'm not sure this is the best forum to place this is in but it seemed logical. , so mods please move it if appropriate.

I just looked at a 2 building 6 plex in the Houston, TX area. In general renovations do not scare me, because I know that's where you gain a ton of value, but this is a whooper. It would need to be completely gutted both in and out, all new exterior, probably foundation work, hopefully the bones are good, but there was termite damage that I saw, so who knows.  As well to add on to that, it is about an hour away, so that does add another challenge. How do you decide as well whats worth remodeling vs bulldozing? This would be my first deal, the upside is pretty nice, but is it worth it?

Thanks!

Daniel