Is this even a good idea/deal
Hello I am new to investing and have been trying to learn as much as possible in the past year.My entire family knows of this and my in-laws came to me with an idea to "help" me and also would be helping them with a Real Estate deal.
Back Story- My wife's grandmother passed away last year and the estate, two properties, are to be sold and the profits spread out among the 6 children. One of my wife's uncles was in charge of one of the properties which is zoned for commercial/residential, it is a 1708 Sqf office space/small warehouse on .36 acre lot.Which with some research it can be split into 2 lots.He let the property go to the dump, needs a new metal roof, and gutted, replace plumbing/bathroom, replace electrical etc...
Now my wife’s Aunt is in charge of the estate and she was the one who approached me.She said they will "sell" me the property for $30K (estimates from Real estate agent say property is worth $43-$53K in current condition) Which then I could clean the property up and try to resell with the improvements.
Now if I did replace the roof make the inside look nice and clean the overgrown landscaping I was told (real estate agent) it could get about $60K, but there are back taxes and liens on the property as well.Plus closing cost for when I sell it, I have run the numbers and it seems that I would MAYBE make $3000-$9000 conservatively.
But I am real concerned over the fact that it is used as an office/commercial, and wouldn't this limit buyers?And even if an investor wanted to put small apartments/duplex etc.. wouldn't they not care about the structure and then the property is worth less to them (property value is $40K)
Is it even worth the time to attempt to Flip a property like this?