Seems slim.

Also if all the water is out of tank and it is dry, the odds that it all evaporated are slim, the odds are very high that you have a cracked tank, and my inspector would fail the system.

Here is my issue: The property is REO - so the odds of me getting the bank to agree to remove or pay for the removal of the tank is slim to none (closer to none).

The returns are too slim on flips for my liking, especially when you're putting down $500,000+ for a junker home an hour plus out of Sydney, sell it for $600,000, only to have $90,000 chewed up in contractor and local government costs.  

@Steve Miller I think your chances of achieving this are very very slim - it all starts with a call to the city planning and zoning department.

Margins are slim around here, and this is as nice a property as you see here. 

Didnt want everyone on the board to think all of us rural KS and plains states folks are all unstable living in squalor....ha.I agree - hard to make money when your margins are that slim, would make more sense if you lived close by and could own a handful of the homes and create some economies of scale.

When I moved I would rent the homes at negative cash flow.....at the time I was only thinking capitol gains not cash flow.The odds of me buying my "forever house" within the next 5 years is slim and I need a place to live so I'm trying to use my house fund (65K) to buy something that either cash flows while I live in it or when I decide to rent it in the future.I agree with you guys that a temporary living period will be necessary to learn enough about the area I may want to buy in.  3-4 months is what I'm thinking now.     

Also the profit margins seem pretty slim.

So, with Deal Machine at 90 cents per direct mail piece you are looking at $1800 to $2700 and the probability of closing a deal is slim to none.