Complicated property, easy going owner
Hi ya'll! Would love any input/commentary here. Trying to decide if this is worth moving forward on.
So I've been talking to the owner of 3/1 property she's interested in selling.
The target property is vacant and has been for some time. I was able to go inside and it needs an entire rehab.
Here is what I know...
- Property is 3/1 and 728 sqft
- ARV on the property is about 80k (lower income neighborhood)
- There are back taxes due of almost 6k
- It needs an entire rehab pretty much
- There are 3 liens on the property for being vacant and not up to code.
and the kicker....according to my research there's a loan for $149,600 in 2006 but the house hasn't been foreclosed on?! She says she doesn't have a loan and she def. hasn't paid any mortgage any time recent.
So there's a missing mortgage it seems?! I called a title company and they were perplexed as well.
I'm trying to see if there is enough meat on the bone so to speak.
I think I could get it for a great price but I see a lot of potential risk. Any insights would be of great help! Thanks!