I realize what I am about to describe is not the most mustachian scenario, but I'm looking to bounce my face off the steely fists of some folks here to at least make me feel bad about it if I go through with it.
There is a house for sale for $23k that needs about that amount again in repairs to be habitable (roof, windows, updates to kitchen, bathrooms, interior and exterior paint). The after repair value of this property is about $67k. For family and nostalgia reasons I am highly tempted to buy, repair, and either flip or rent it to my parents, who would be good tenants and whose lives would be improved by living there.
I've run the numbers using Bigger Pocket's calculators for both a flip and rental scenario, and the numbers work out. I could profit $10-15k on a flip, possibly more depending on the market a year from now.
Reason I'm posting this question here is that I'm not really in the market for an investment property, and don't necessarily want to take on that challenge right now as I'm working on a startup.
So, is this a true opportunity, or is my emotional attachment clouding my judgment?