It is a really great deal I think, I've been to every office in the courthouse today and asked lots of questions there, here, and other places and people and this seems to be a good deal and a doable one. The ARV is actually 37% I miscalculated and left out some things. It's a 5 bd 2 bath in an area where 5 bd's are really rare for less than 100k which is why i think it will be easy to sell after it is fixed. I'm paying 8k for it, back taxes/lawn care and sewage fees are just under 2k (basically 2k) I only have to pay 995 for closing. I've did a lot of math and budgeting and estimates, have family and friends willing to help w/electrical and plumbing issues and will also do a lot of work myself since I have a limited amount to work with on repairs but my total cost for purchase, repairs/materials, holding costs (taxes/insurance since a cash deal) is 30k conservatively and I hope to sell it quickly for 80k, hoping for multiple offers and above asking but you never know...I would expect a quick sale for a 5 bd in this area. I think what I will do is get a letter from the home inspector saying it is salvagable, have neighbors sign a petition to keep it, and attend the environmental hearings and show progress on the work. The building inspectors office informed me that it isn't even on the top 20 list to be demolished and they only do 3-4 a year anyways so I should have plenty of time. What do you think? Worth the risk? Like I said structurally it is sound and I will know more after getting the building inspectors input tomorrow when he does a walk through with me. Thanks for the insight Adam, that makes a lot of sense to me after talking to neighbors, they want it tore down or fixed up because it's been vacant and overgrown for so long.
