Newbie to the real estate investing world

[Erica Clark]

[b]
Hello, BP friends. I am new so forgive me I sound a little uneducated I want to give you all my first break down analysis and get some experienced opinions. I have met with my realtor and walked the house and it definitely needs to be completely renovated, but I am looking at the finished and updated outcome and it can look really beautiful with the right upgrades. It is a 1950 home and we want to keep that older theme throughout just a little more modern. There is also hardwood floors throughout that I want to uncover and refinish. Okay, sorry got a little ahead of myself there... Here are the numbers:

Purchase price: $29,000
Zestimate (zillow.com): approx $86,000
Repair estimate: $55,000
ARV: $130,000

Also, this home is located very close the historic city of Summerville and if I can get the home listed through the department of archives and history that would make the ARV extremely higher! One of the comps within less than a mile from this home and one year difference was purchased at $235K in January of this year, renovated and put back on the market after they had it approved and listed historic for $349K. Mind you this home was slightly larger than my targeted home in sqft and land but with that being said I can definitely see this being a lot higher than my estimated ARV.

Hopefully, you all can give me some good advise and maybe send me in the right direction. I am very confident that this is a great deal and I am working on trying to find a money lender for this project (which seems to be harder than I expected).