big project need help!
Hello everyone! So I recently found a house that I feel like could be a sweet deal!
I was looking at zillow and saw this house that was a complete wreck, I raised an eyebrow at how bad it looked and continued on with my analysis paralysis I have been in forever because I am a college student. Two months later and it was still there, so I entertained myself by analyzing it. Here are the specs:
3 Bed 1 bath 1,186 sqft price: $155,000
Stucco exterior / lot 6,969sqft / Built in 1937 / 98 days on zillow / Extreme Fire damage to the entire house
Overall it doesn't sound good and if you look at the photos it looks even worse!...but this is where the advice and help of other BPer's would help. I thought about this house in a different way.
The market where its located is roughly $185,000-$260,000
Since this house is damaged by fire so heavily I calculated roughly $150,000 in repairs to get this house up and running again. If it was possible to get this house for under or around $50,000 given the state of the house, do the repairs. I see no way it wouldn't come out to be a good flip, or even a great BRRRR. Am I being to generous with my numbers? I am still new to REI so I could be 100 miles off here. Any guidance would be much appreciated!
Thank you for your experience!