Cheap property & a lot of work... Help!
Hi, I am brand new to real estate investing (have only listened to podcasts/ watch videos/ etc). I found a house for sale in a not-so-great area for $10k. This is because there are several things not up to code and the owner doesn't want to deal with it. What I know is there is an addition that was not finished - needs insulation/doors sealed, subfloor replaced in some areas, new windows, and some mold in the living area that I know of. I am supposed to go look at it tomorrow, but was wondering if I could get initial thoughts. Because I am inexperienced in this area, I am not sure what to estimate for repairs - particularly for the mold remediation. Any advice or help would be great!! (Also, given where it is located, I would estimate rent to be about $650.) Thanks!