Thoughts on old houses

[Account Closed]

Hey all my names Brianna Gulia! I am brand new to all of this but ive decided im finally going to pull the trigger and do my first flip. I am not experienced with really any of this but using this community and others im extremely excited to get started. That being said ive been looking into homes for auction and foreclosures. This specific home was built in 1887, in the city of chicago.I just pulled the permit history, the only permit issued it seems was for an “emergency wreck, and remove a 2 story frame residence.” Im not 100% sure exactly what that is or why it would have been done.(anybody have any inisght?)

Now that being said this is a 2,000 sq ft home, 3 bedrooms, 2 baths. Its only $13,000. Im defintley expecting to put a lot into the renovation although i have not decided on a contractor yet because i want it to be a solid home i bring him to. Being brand new I DO NOT want to waste anybodys time. Comps in the area go for around 125-150,000 fully renovated. My question is should i be expecting to add plumbing, electrical, ducting, hvacs and all that into the cost aswell? Is that standard for houses of this age? And based on rough math would it be a smart home to invest in, especially it being my first flip? Thank you for any help i really do appreciate it and i love this community.

[Jeff Ronningen]

Chris Sellers gave you good advice. This is too major of a rehab for you while you still have your training wheels on. If it was that easy everyone would be doing this and getting rich. Huge numbers of people are looking at those auctions. It’s not like you found a special deal that no one knows about. There’s a good reason it’s only $13K and people who know more than you set the price. Start small, do a limited rehab, be happy with a small return. As you gain knowledge and experience you can bite off more. An old golf pro told me ‘lessons ain’t cheap”. Don’t set yourself up for a big expensive lesson that will knock you out of the game.