should I flip this house?

Question

My family and I are currently looking to flip a house.. obviously not looking to make a HUGE profit on the first but between us we have plenty of experience and even if we paid the list price we are likely to make pretty good money on it. It seems to only need cosmetic work, but is it worth it in the long run? If you want to take a look at it it's listed by coldwell banker... my family is positive it will work. I'm not so sure...

Status Active Listing
Type Resale -Single Family Residential
Price $44,000
Location Green Bay , WI 54303
County Brown
Country USA
Prop.ID 10481549
MLS# GB5NV
Beds 2
Baths 1
Sq.Ft 1,244
Neighborhood Green Bay, City of

Located right around the corner from West High School, this home has great potential. The loft is partially divided and could serve as a third bedroom. The 'other' room is a large back entry with plenty of storage. There is a lot of room here! Property is a foreclosure and is being sold in 'as is' condition.

Answer 1

Have a certified house inspector look at the house before you consider buying. He may be able to determine if there are any underlying problems not readily apparent. Then, you need to talk with a realestate agent about the location and marketability of the property, so you can have a better idea of what it might be able to sell for and how long it might be on the market. Remember, the time you hold the house for renovations and sale is costing you additional money for interest on the loan you take out to get the house (or lost potential interest you'd get on your money if your paying cash).

Answer 2

Even listed "as is" you have the right to ALL INSPECTIONS. First let me point out a 1 bath House is now obsolete- you may want to consider putting in a half or three quarter bath to bring it up to the standards of today. Just because it is in foreclosure does not mean it is a great buy. Ask your agent 1. how long similar houses have been on the market. What will be your $ amount you will walk with after repairs. Remember if you list it CB is typically a 6-7% listing agency--there are other agencies that you may want to check out. All commissions are based off the top.. Do not forget you have closing costs--ie: transfer fees. sounds llike you may want to do a bit more homework-ask your agent foar a net sheet for buyers--total break down of $ for buyers. Personally, the 1 bath would concern me.