Thanks for the replies guys.
Kevin, I definetly think there is an upside here. I may have understimated the $55k ceiling for comps. Since I made this post I got a couple emails from local RE agents and the houses that have sold on the block in the last year seem to average $48-49 a sqft. This house is 1293 sqft that puts it at 62k. I'm basing this being a good deal if I can get this house for $10k. About 750 is owed in back taxes. My fatherinlaw is the reponsible one, and he coudlnt care less about this house, he didnt pay the taxes cause he doesnt want to deal with it, not because he cant affford it. And like I said the rest of the family are crackheads and couldnt care less about the house, so if I wave a few bucks in front of them they will sign it away.
About the repairs. All I know that is wrong with it is there's a broken pipe under the house (pier and beam) and part of the floor is sagging somewhere in the house. I havent seen this myself. Even if I put in another 10k into the house Im at 21k. If I can sell the house for $50, which is below comp value, I would be doing good. This is the numbers rolling around in my head. Im sure Im missing expenses here, but it seems like I have some wiggle room.
