Milwaukee Triplex FHA 203k

[Zachary Richardson]

I am trying to break into real estate investing. There is a triplex in the Milwaukee area. It is listed right now for $129,000. I looked at it last night, and I don't think there is any way that the property will be approved for a normal FHA loan. The house has been on the market since May. It was originally listed for over $200,000. It is bank owned, and they have been dropping the price drastically. I can see the after repair value around $180,000. I am thinking the property will need some foundation work and a ton of TLC. Do you have any advice on using the 203k. Can I structure an offer with contingencies based on the after repair value and repair costs?