This strategy doesn't really fit well into the regular investment calculators, so you'll have to invent the means to determine whether or not a deal is a great deal.

How much did the wholeseller make on the deal and are you a regular contact or first time ?

We will have to gut and redo everything (electrical, plumbing, kitchen, baths, flooring, etc.).The Investment Purchase Price: $62,000Remodel Cost: $105,000Carry Time: 6 months (4 months for remodel and 2 months to list and close)Finished Product: 4 bed, 2 baths - approx. 1,900 SqFtOption 1: Flip ARV: $230,000Actual Sale Price: $211,000 (230,000 - 19,000 closing costs [2%] and RE commission [6%]) Profit: $44,000Cap Rate: 26.3% (44,000 / 167,000)Yearly Return: 52.6% (44,000 x [12mo/6mo])Option 2: Rent Estimated Monthly Rent: $2,100Annual Rent After Expenses: $17,640 (2,100 x 12mo x 0.7)Expected Return: 10.6% (17,640 / 167,000)Before PicturesFollow this post for regular updates and to see the finished home!

The plumbing will need to be completely redone and to top it off this is a hydronic baseboard system so on top of the regular lines I will need the baseboard piping re-done as well.

The feeling I'm getting is, if the property is in decently good shape my best bet is to just have regular insurance and pass on the warranty...

Section of drain pipe poorly connected into opening into older drain pipe - this is health hazard so need to rectify back entry steps need to be repaired or replacedroof drainage - Have the roof drainage system cleaned and maintained on a regular basis by a qualified gutter maintenance company, do I need flood insurance?

So you would pay cash for regular doctor stuff for example at a discount and then if you went to emergency and had a 30k bill you would only pay the 5k in that case.This is just an example and is not legal advice.

The area has a gravel floor covered by plastic, so it is definitely not meant to be used regularly.

Rarely will you find a good deal on campus housing from a regular Joe.

I use regular signs on the main road as well as craigslist to advertise to prospective tenants.