Looking to wholesale a home... flooded basement

[Chavis Atkins]

Hi so... I'm very very new to wholesaling. I came across a vacant home that was advertised as a 4 bedroom, 3bath, sauna room, steam shower, barn, inground pool, pump house, screen house, 2 brick fireplaces, 2 sheds with over 5000 sq ft of acreage. Now when I contacted the owner of property (found out was dead and now the daughter is "executor" of the home) she told me that the home actually has 6 beds, 4 baths (2 beds in basement along with the sauna, steam shower, furnace, water heater, 4 sump pumps and living room area down there). I had a real estate agent run comps for what homes are selling for around there and the average was 97k but the home in itself in a all repaired status the tax assessors site has it valued at 280k but I think if it was fixed it would sell for no more than 120k.

Now, I went to the place to get a closer look at it as it sits farther back from the street than the other homes with its own driveway going all the way back there. I looked into the home and can see that the lady just up and left from there leaving a whole lot of stuff behind. I scheduled a time to look into the home and when the time came we went to see it... kitchen had caught a fire and is in complete ruins, there is mold on the ceilings around the place, fire in kitchen went thru the roof and they placed a cardboard over it but from the inside you can still see outside, critters have come thru and torn up the place, the floorboards are all crumpled and lifted, garage is full of trash, the land hasn't been touched for any type of landscaping or lawn maintenace, inground pool is full of sea-like-weed but the biggest issue that I seen was when as soon as you go thru the backdoor into the home are stairs that lead to the basement. From the main lvl to the basement is 8 stairs to get into the basement... the basement is flooded to the 6th stair going up and a tire is floating on the water.

So, pretty much I had a contractor come by and he loves the look of the place but when he went in and seen what I seen... he said with the mold, the replacing of the back end of the roof, the no knowledge time of the water sitting in the basement due to the sump pumps and wall damage plus the kitchen needing to be gutted out plus all sorts of stuff... maybe 70,000 in repairs but that's not including whats going on in the basement. I told the lady thereafter that she with the back taxes being 6,700, closing costs, title search and inspection including her profit of at the most maybe 3,000 that the total sell price for the home would be 15k and she frowned at that telling me that she would call me after she goes thru her options. The back taxes are from 2 years of not paying and coming up soon the state will take the property and put it up for a tax sale. I want some advice on the home. I'm including some pictures for everyone to get a idea of what I'm dealing with. I have plenty more than this btw.