Looking to buy a ranch home
I'm looking at occupying a outdated 1974 ranch with 2,436 sf and 3br/2.1ba layout with potential to convert the upper level (not a split level ranch) into a master and POSSIBLY adding a 5th br. I'm supposed to look at it today to actually see the layout. They're asking $200,000 and I plan to use FHA (FHA loanable btw) with a combo since I don't have any money down. My plan is to live there for at least 2 years while building sweat equity myself with no contractors. I also get a 10% discount at HD/Lowes.
My RE Agent supplied me with 11 COMPS but out of the 11 I only found 2 to be +/- 500sf, 10 years of construction and 1 br/ba
Of the two relative COMPS the sold price mean was $294,900 (I know that I need to pull more COMPS but it's a start) I'd be happy with $250,000 ARV
My question is does this property have good sweat equity potential? Is this a good longterm flip? Please let me know if more information is needed! Thanks!