Newbie needs advice on first wholesale deal

[Kelli Vissers]

Ok, so tomorrow I meet with a seller to put a property under contract and Im wondering if I could get some advice on whether or not I am thinking wisely, as Ive never bought a rehab! I found a 3 bed/1 ba property in a very nice rural location with Bay views, and only a couple miles from what has recently become a worldwide tourist attraction. It is zoned residential commercial and could be used as a home or even a B&B, which is very much needed in the area. However, it is a total rehab. It will have to be gutted and totally redone in and out. He only wants $9500. Is there a time when getting a House that cheap in a good location isn't a good idea as far as assigning it to another investor goes?