First Rehab Deal need Help!

[Anthony Antonicello]

Ok, so my wife and I have been wholesaling for sometime now, but we want to start rehabbing some smaller projects to begin fix and flipping full time.

The deal:

The house is a 3 bed 2 bath house is a downtown project area. We can own it for $8000. ARV is $40k.

Here's the caveat: House has sat empty for at least 5 years, owner rented it out at one point in time but never lived in it. 

There is absolutely nothing in the house. No toilets, cabinetry , appliances, hot water heater, windows, HVAC, nor plumbing. There is also holes in the ceiling and visible mold. And finally the floors are not even, they are bowed or broken in in various places. The Sellers Disclosures are all unknown.

Although it is very enticing at buying a home for $8k, We are unsure if this would even be worth it considering the areas low ARV.

Any advice would be greatly appreciated. Thank you and God bless!

[Jimmy H.]

Hey Anthony,

I was born and raised in Lexington and I have been rehabbing homes in the area since 2007.  I am a real estate agent and own a construction firm in the area, as well, and I would be glad to help you analyze this particular property, give you my insights/perspectives/advice and perhaps even partner on some deals.

Feel free to PM or email me.