Don't want to hijack this thread, but I'll answer the questions already asked.
Bid $99,000 via an online auction. Seller got $90,000 of that, auction site took the rest. Sure as heck wish I could have bought before that $9000 disappeared into the auction company. Other costs took that $99,000 bid into $100,108.62 according to the HUD form. But it actually turned out about $40 less, so I have to pick up a check from the lawyer.
I did my own house inspection.
I would not normally do that, but I've been checking out this particular property for 3 years. I've already budgeted to replace and repair the roof, plus the hvac, major plumbing and electrical work, ceilings, insulation, and mold remediation. Also expect to put in new appliances, repair kitchen cabinets, and upgrade the floors, plus landscape the grounds. Oh, and fill in the oil tank buried in the back yard and remove the original oil heating unit, strip off the exterior paint and stain/seal the wood back to the original natural wood color.
There wasn't a lot left for an inspector to find. :)
Repairs will cost $80,000 to $150,000, depending upon how a few breaks go and how well we manage expenses. We'll be doing almost all the work ourselves except the roof, hvac, electrical and plumbing. Plus maybe the mold remediation.
Sale price should be $250,000 to $375,000. Depends on how the market is in 2 years, how good a job we do, how well we publicize it, and whether we get lucky and find the right buyer. One tried to buy the house, unfixed up, knee deep in trash, garbage, broken liquor bottles and drug needles 3 years ago for $325,000! (And we know how to reach them when they come back to Ft. Bragg after their next deployment, which will be about the time we have it fixed up. (Here's to getting a bit lucky!) But we also have a strategy for marketing the house that will be a lot of fun to do, and we have a number of inexpensive ideas that will make this unique property even more cool to live in. I think we'll get a very good return on our investment with the various improvements we have in mind.
Goal #1: Don't lose money. Goal #2: Save the house, it's an architectural gem. Goal #3: Make money. So it's not primarily a money making enterprise. It's a cultural salvage project.
I can call in a few favors and most likely get one of several realtors to handle the sale for free if need be.
My journal on this site is in my tag line if you have more questions.
Hope that helps!