Would you buy this house?
I'm on the hunt for my first deal. I'd prefer to take the house hacking approach with a duplex, but another route I'm considering is buying a house with built in equity that needs some fixing up and can force appreciation. Then use the equity in the house to buy other other properties. Then potentially turn it into a rental down the road. I found a house that's on sale for 80K in an area where houses have sold for 110-120. It's in a good school district and a part of Oklahoma City that's growing. It looks like rents in the area are 900-1000 a month at the moment. Taxes were 1100 in 2017. There are a couple caveats. It probably needs a new roof, there might be a water leak, and it's a HUD home, so I probably need a private lender. I'll be doing a walk through on Monday with a realtor. What's your take on this?