That's why a QCD is sort of a red flag to me

Want to get your advice on whether I should pursue this deal, its a huge project.I have been offered first shot at a 10K square foot lot zoning LR2 , which essentially allows for cottage, townhomes, row, or apartments two stories high.Its in a good neighborhood next to a park and the neighborhood next to it is one of the nicest in SeattleWe are close to finalizing price and terms.

Red Flag!

The home could probably sell in 2-3 years for 215 or so with a few updates.Details:4BR/1.75ba1600 square ft2 acre lotbuilt in 1997, fully remodeledSeller has disclosed that they will go down in price for the home, and that they really want to get rid of it.

How many square feet (including garage) and how many stories is it?

That is a red flag to me.

Just know you aren't the first, and definitely won't be the last accidental landlord.To touch on what Ned is talking about regarding the expenses, check out this video:A lot of times people think they're breaking even on a property when they're actually in the red.

For a rehab as small as 10k, they have what is called a "streamlined 203k" loan, which features less red tape.

If the first time, it would raise a red flag to me.

The renters pay for all their own utilities.Repairs needed:- new paint job on the outside - 12,000- new flooring in our unit - $5,000 (all of the other units have new flooring)The lot is half acre and has a Carriagehouse in the back which is 2,000 square feet.