I need advice from you more experienced folks. I am only recently getting involved more aggressively in rehabs, (flips and rentals) and possibly wholesale deals if the property is ripe for that.
Here is what I found:
Small New England town (population 2,000) about 45 minutes from the nearest small city (pop. 16,000). Lots of larger colonial homes, known for wealthy summer residents. The locals have to travel to work as no industry in this small town.
Here's the details:
Bank owned, sold as is thru an online bidding site. Auction ends Monday afternoon. Town hall closed until monday so couldn't get any info yet except online tax card. Tried to find the previous owner but no luck. (I usually try to call them and ask questions about property)
Single family, 6 bedrooms, 3 1/2 baths, 4767 sq ft.
drilled well, private septic
Taxes almost 6,000 per year….yes six thousand.
Good school district. 3 acres, much of it wetlands but dry around house.
Built 1865. Colonial, wood frame and siding. Needs paint and possibly a new roof.
Stone foundation, cellar appears dry. dirt floor in cellar
100 amp circuit breakers. New wiring in barn and ell.
Heat. wood, electric baseboard in some rooms, oil furnace which is a lennox giant behemoth that does not look like it is in working order. No service on it since 1996.
Huge 3 story barn in great shape. Looks like someone was starting to put an apartment in the barn and a summer apartment in poor shape is in the ell. The main house has essentially no kitchen as the small kitchen is in poor shape. The main house has few upgrades but is classic new england with 3 fireplaces.
Bathrooms are small and seemed to be redone in the last 15 years. Would need cosmetic.
Price? Assessed at $512,800. Listed for $135,000. One bid online so far at $99,000.
If I were to bid and get the property, I would want to wholesale first but have never done this and don't have anyone I know who is an investor. I could pay cash for the purchase but if I could not wholesale, I estimate the house needs about $20,000. to get it ready to rent if I need to hold it. About $30,000-40,000 to flip.
The only other comp I see locally is another large colonial that has no insulation, no upgrades, no kitchen, needs just as much work if not more, listed for $150,000.
Please advise, those of you with experience. I slept rather fitfully last night thinking about what I should do.