We have purchased a property for flip that's currently under renovation.

Purchase price: $161,000 Renovating now What made you interested in investing in this type of deal?

That way you can hopefully do renovations as tenants move out one by one and start to build your network of contractors.

I'm currently in a rent to own house we are moving out of and will be renovating and renting.

At this time I manage and renovate majority of all my units to keep cost low but most likely not the best use of my time although I'm skilled at it.

Full gut renovation, including but not limited to full replumb, full rewire, complete mechanical upgrades, and new apartment finishes from studs.

It was a learning experience but I made it work in the end.Mine was a 5 unit commercial building that needed a gut renovation, similar to yours. 

Estimates and projections are great, but experience gives you the real numbers!

However, there is a specific deal Which I find hard to understand the ARV for.It is a Single Family Home, 2 Bedroom 1 Bathroom, 850 SQFT.These two comps have a price gap I find hard to understand, even when considering the difference in renovation level.If anyone knows this market well enough to understand the cause of this difference, and if it might be due to an issue with the location, or if there is anything I am missing.Comp 1 - 1011 Elm Street, Burlington, NC, 27217 (120K)Comp 2 - 1109 Walnut Street, Burlington, NC, 27217 (120K)Comp 3 - 1505 N Park Ave, Burlington, NC, 27217 (180K)Thank you!

My budget is slightly constrained for this first property so looking to save on purchase price and hopefully add value through renovations.