Inherited a old wood frame house

[Brad Armel]

I recently inherited a old wood frame house that is in very bad shape in Daytona Beach. The roof is leaking, foundation is sagging, with very low ceilings, wood is rotting in certain sections, and the roof is flat. I initially thought I could reframe the floor then walls and then roof, but the more I analyze this job, the more confused get. This is my first property and really want to use this property for a rental and acquire more rentals in the future. I also briefly considered tearing it down and putting a modular home in its place, but I want this to be a asset and I'm aware modular homes don't really add any real value, so I'm not sure where to go from here. Any advise would be much appreciated. Thanks.

[Mike McCarthy]

Do you know how much it would cost to get it fixed up? If it, get a GC in to give you an estimate. Then you can determine if it's worthwhile based on the ARV.

No need to put 70K into a house that will only be worth 60 when you're done.