Newbie offer on a foreclosure with suspected foundation issues
My husband and I want to make a cash offer on a foreclosed rehab property(ARV est $250K) in an up and coming Atlanta community that is partially finished. Investor stopped halfway through, defaulted, is now bank owned, and listed by an agent for ($130K)who says there are multiple offers over asking price and we need to put in an offer TODAY. During our visit, a worker next door (rehab under contract for $310K) said the owner abandoned it for major foundation issues. Our end game is to BRRRR and rents are $1800 min bringing much cash flow and all calculators show green light. Do we put our hat in the game or should we be scared off? Prepared to put up $50K in rehab costs...are we insane for considering this?? What could we be missing? Should we move on?