First Foreclosure Flip

[Brandon Chase]

Good evening everyone!

First post here after signing up, just a brief description of what I am trying to do:

I found a foreclosed home in my neighborhood that I'd like to be my first flip, to get my feet wet. It is currently bank owned...

I went to take a look at it today, the house is in fantastic shape on the outside, but the inside is literally stripped to the studs - nothing in the house at all. Subfloor, studs, electrical, that's it. Someone tried flipping and ran out of money.

The price on the foreclosed property is $239k, I believe the comps are showing roughly $290-300k with the interior put together. I'm getting a contractor to take a look to give me a quote on the build out, but doing my own research I believe it's going to cost about $75-85k to rebuild this home. Obviously, the numbers dont really work out well with the listed price.

My main question is, as a bank owned property, would a number of $180k, all cash be something the bank would even consider? How low should I shoot? How are they coming to this number of $239k when the interior is gutted.

Any general advice would be appreciated!

Also! How will I know what type of finishes to put into this home - as in I don't want to go too high end and not be able to get all the money back - but I dont want to do the build out mediocre so it doesn't stand out from the rest.

Thanks for your time!