Rural area somewhat Smaller City Really good deal on Fix / Flip no real Comps?

[Eric Tinsley]

Well I found a really good deal on a Foreclosure. Everyone's having trouble getting financed because it was in the middle of a remodel so like some walls are ripped out, a bathroom is completely gutted. There's a tarp on a spot on the roof and minor water damage to the drywall inside. All drywall removed from living room; so you can't get FHA or USDA loans on it. I got approved for 50K to purchase, and up to 60k to rehab. It's a huge 5,000 square ft brick home on 10 Acres. I've been watching it for about 3 months. When if first foreclosed it was listed at 80k, and it's been under contract two times each time dropping a couple grand. I think the bank just wants to get rid of it. It needs a lot of work, but it's doable. The problem is there's no real comp houses to go by. In my mind with just the size it'd have to at least go for 200k, but I'm still a little nervous about it. What do you guys think?