Fliperati

Had some great luck my first day out looking at run-down properties with my real estate agent.  One house in particular stood out as a potential winner.  As shown in the pictures below, it’s pretty dilapidated, but I think it has good “bones” and lots of room for improvement in the right places.  It’s been on the market for more than 4 months and the price was recently reduced by more than $30,000 to $339,000.  We’re thinking the local market could fetch up to $425,000 after completely renovating it, but need to do a bit more diligence before making an offer.  I got the impression from the selling agent that the owners would entertain any viable offer, so I’m considering putting in $300,000 - $310,000.  With $50,000 in repairs that would hopefully leave a decent sized profit after the sale, although there are a couple of other houses lingering on the market in the area for $370,000 - $390,000 and we’re a bit concerned that those levels might be the ceiling for this particular street.  Updates to come.