For value add, its a choose your own adventure to see what improvements you can make at what cost and compare them to the current value to see if paying a premium over asking makes sense with the returns you want.

Unless the property appreciates significantly beyond the average 2-3% which is a gamble something like this does not seem to be a great value.ThanksPesi

Do you have any advice on different strategies about putting a deal like this together or could you recommend any good books/articles to read before I jump into this adventure? 

with no more than 6 experienced Real Estate Investors.What I would like to discuss is, of course, YOUR experience and adventure in the REI world, feedback, tips, tricks, advice, and of course network!

I am strictly buy and hold; anything I buy today has to be really appealing-not going to gamble on any dogs or overpriced queens at this stage of the market-and certainly not counting on any appreciation for the next while.

You can call some insurance companies to get actual quotes at any time, so a few phones calls can tell you if he is over paying. you also don't want to go completely cash poor to buy a deal, that's a tough gamble.

I closed on my first flip property today and am excited for this new adventure!

I’m three weeks into the biggest adventure of my life and one I am certain will change my life.

The local advantage.I think Denver is more of a gamble, banking on appreciating.

Best of luck in your real estate adventure!