There are some very low priced homes in my city (25k) that are located in an area that is undergoing revitalization. It's fairly rough right now, C or C- neighborhood, the street I would be buying on is 1/3 abandoned homes, 1/3 occupied homes that are a little rough but folks keep their lawns mowed, and 1/3 beautifully restored historic homes that millennials are buying. There are two major developments less than a mile away that will be completed in 2-5 years. The property I have my eye on will need about 40k in renovations to make it livable. Comps in the area for renovated homes are 100,000+
I've done a lot of research on real estate but I've never bought a house before. Just wanted to consult the hive mind---I'm a risk averse person, but this seems like a gamble that might pay off. I have enough saved to buy it outright, but I would prefer to leave some of that money in the market and just put down a hefty down payment.
Please let me know any thoughts, things to look out for, etc. Thanks fellow Mustachians!