@Ro B.Multiple red flags:ARV too lowYou are out of stateYou are a newbieRehab sounds too extensive (structural)Rehab could be $70k so best case you break even, but more likely you will lose money Maybe buy it from your family member and sell it to a local investor for a few thousand more.Put it this way, there’s local, experienced investors who would probably pass on the deal.

The project has barely started, but I am looking to finish the exterior quickly before winter hits (in Wichita Falls, Tx).Also, there is a significant crack in the porch as well (enclosed in red).

I've love to find a DEAL around 38th St. and College Ave. near the Red Line bus route.

Also, grant programs frequently take a really long time to close and have exorbitant amounts of red tape and paperwork required. 

The seller's situation seems believable and isn't raising any red flags. 

is this that red 2 story for like $90k something ?

I can see this being a red flag.

The market is red-hot here, as it is everywhere, but there are definitely deals to be found if you get on enough lists and network for deals.

You also must be in a RED HOT/hyper inflation market, if you're projecting 30% annual increase in property values.

I wouldn't think looking it as more than it is (a property) is a good idea because you don't want to get attached to it and end up ignoring the red flags because it's pretty.