Rehab opportunity

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I have located two houses on one lot in my area that is for sale 30K under appraised value. The one house is a 3 br 1 ba house and the other is a double with 3br 1ba on each side. everything is very spacious and nicely laid out. The back yard has patios at the rear doors and a nice size quiet back yard. Both houses are vinyl sided and very nicely done imo, the roof looks like it has about 10 years left. All units have new furnaces last service 1 yr ago. Wiring is updated including electrical panel. All water tanks are shot. All units need remodeled, but the 3br house, is not as bad as the doubles. Remodeling includes kitchen and bathrooms. Basements are dry and foundations in decent shape. No water penetration.

The area where these houses are located are located within walking distance to stores like walgreens, fast food, schools, colleges, and public administration buildings. Recently a strip center has gone in right down the street and the city is looking to clean this area up in general. The house is 1/4 mile from the main drag in town. I'll admit that this area has a slight higher than normal crime rate, but I would not be afraid to live there. The city it is located in is a small city and has much worse areas.

Rent in this area can command $700/month for units that I think are smaller and less appealing. Renovations costs will be less than normal becuase I know how to remodel anything in a house. This property once renovated will have a substantial cash flow.

If I can make financing work while I am renovating, do you think it is a decent investment.

Thanks!