Tax delinquent house... is it worth it?
So I am brand new to Wholesaling and have a house that I am going to see Monday morning, It is 2/1 880sqft. It apparently needs some foundation work (It’s on bricks), it needs central AC, a new roof, and interior updating. From my comps it looks like the home will sell in tip top shape for about 40-48k and rent for $700/mo
She is very close to foreclosure (tax delinquency since 2016) and said “I’ll be happy if I get 10k” which to me probably translates to “I’ll be happy if I just get the tax payoff and save my name from foreclosure”. Mortgage is paid off and taxes are about $1k a year on that property so I assume she owes 3-4K in taxes.
I’m just not sure if there’s room for profit after repair even if I were to lock it down for only 4K.
From the details given thus far, can any of you give me any kind of tips or insight? I’d deeply appreciate it :)