Possible flip in Baltimore - looking for help with analysis

[Tim Youse]

Hi BP,

I have no idea what I'm doing, but want to learn. I came across a listing that looks like it would be a great candidate for a flip (IMO) but I am still completely new at this so not sure if my instincts are correct. The property is a1440 sq ft, 3/1 SFR listed at $115k with an ARV of at least $275k. Most houses in the immediate area are selling at $240k to $300k. The house needs a lot of work, but seems structurally sound with no signs of any major interior damage (mold/water/structural issues)

- Is there a way to get a ball park estimate for what this house would need prior to contacting a contractor?

-What would be the best way to handle financing the purchase? 203k? hard money? Cash?

-Should I read J SCOTT's book on flipping first?? 

Looking at the pics, I'm thinking it needs

• new kitchen and appliances (might keep fridge)
• New baths (would it even be possible to add a 2nd bath?)
• refinish hardwoods
• New HVAC - remove radators
• windows, doors
• minor landscaping (trees removed)
• replace rear deck
• Exterior? new siding? roof? Shutters? 
• remove or replace fence

So I'm asking you fellow members of BP, take the wheel! Please let me know and I can provide more details on the property.

[Kuba F.]

@Tim Youse yes, you should definitely read @J Scott 's book, all the books you can get your hands on frankly.  If you don't know how to estimate costs, then yes,  to get a ballpark you should walk it with a contractor, or someone who does.  My eyes must be getting bad because it looks bigger than 1440sq ft.

I don't know Baltimore, but I understand it's a block by block kind of city, so I would make sure my comps are solid.  If all your numbers are good, then it definitely looks interesting.

For financing, you can get a 203K if you are planning on being an owner occupant.  Hard money if you're not.  If this is a steal, then it won't last and cash or hard money with little to no contingencies is your only option.  If it's been sitting on the market for a while, then it's probably not a steal and many people smarter than you have probably already passed on it and you should try to figure out why.