Advice on small town BRRRR

[Logan Searles]

Hello! I am looking to make my first real estate investment and would appreciate any advice on what to do with this property

Situation time: I happened to come across a property (4 bed, 2 bath SFH) in a small town about 30 minutes northeast of the Quad Cities listed for $29,900. The property isn't in shambles, but it is in need of a full remodel, including a new roof, water heater, furnace, and AC unit, all of which are at the end of their lifespans. This would be on top of refinishing a majority of the flooring, 2 bathroom remodels, a kitchen remodel, and several other items. I've estimated a conservative full renovation with everything included to cost between 70 and 80k, but I think I could DIY a lot of it to cut down on labor costs. ARV on comps in the area looks between 105k and 140k+ for similar square footage and bedrooms. One issue with the idea, though, is that I live in Wisconsin and have a semester of school left before graduating. I have family in the area and an uncle who does construction with connections to people in the area. As of now, I have a comfortable 35k saved up with no debt and good credit.

I've been talking to the seller's agent about offering 10k cash, no contingencies on the property. One thing that has been brought up as advice to me was adding a clause saying the offer must either be accepted or countered upon presentation (thank you, James!). Should I try and get a tour of the property before making any offer? I haven't seen any photos of the foundation yet, but with no contingencies, an inspection won't change whether or not I could back out of the deal. I am currently unrepresented and am wondering if it'd be best case to reach out to the seller's agent to represent me or if I should find someone else.

I'm also conflicted on whether or not I should fix and flip, or rent it out. Either way, I'd need some kind of loan for the construction and then sell or do a cash-out refi. Cash flow, even with a middle-of-the-road $1200/month rent, would only be netting an estimated $425 a year in positive cash flow, and anything below that would be bleeding me out or awfully close to doing so. The bright side is I shouldn't have to worry as much about those CapEx expenses, but it's still riding a fairly thin line with any bigger expense netting me negative. Renting in a smaller town may also be harder to find tenants, but since it is an SFH there's a better chance they'd be longer-term tenants. An easier way out might be to flip and sell, but I'd like to try and build long-term wealth. Long distance ownership, I know, has its struggles, and being new to this, I'm not sure if that's something I should do.

Questions:

How should I approach this deal? (As in should I, and if so, who, have someone represent me through this process)

What steps should I be taking before making an offer?

What can I be doing now to best prepare myself if I were to purchase the property?

Are there things I am missing that I should be taking into account?

How would/should I go about financing this deal? Construction loan>cash-out refi/sell? Another way?

If I do follow through, what should I do with the property post-rehab?

I refuse to get stuck in analysis paralysis, but purchasing an out-of-state rehab seems like a big step into the unknown as a first investment. If I do, I'm excited to learn and learn from my mistakes, but I'd like to do my due diligence before I cripple my investment journey before it even gets started.

Any and all advice is much appreciated, whether in part or in full!

Thanks!

Logan