203k Rehab Loan Story - Please Help
I currently signed contracts yesterday for a 2 Bedroom, 1 Bath, 800sqft home on .35 of an acre with a detached 1 car garage. My HUD home inspector is scheduled to meet me and my realtor at the property next week. I already know the furnace doesn't work (I have 1 already) and there is a "broken pipe" so the bank said they can't properly de-winterize the home. My real estate agent said she could list the home for 120-125k after I bring the home up to inspection standards with my 203k rehab loan. I'm in contract for 70k. I'm hoping the repairs don't exceed 10k...
I plan on using this property to move out of my parents house(I'm 23), and then using the equity to purchase another property 6m-1yr down the road
Is this property worth the invest ?
Thank you for taking the time to read all this