My $50,000 Foreclosed Home Investment (Renovation)

Hi all!


So I'm looking to invest in a foreclosed home I came across while back in NH. I love this area and would like to move back here after working out west in the oilfield.


Anyway this is the first house in NH I've looked at. I love the location...easily accessible to a major hwy route...it's on a hill and it's certainly the SHITTIEST house on the neighborhood...these factors give the house great implied value, but for the price the house obviously needs work done.


The house itself was built in 1890 so it's an older antique style home... 1466 sq feet with 4 bedrooms, hardwood floors, one full bath, fireplace, oil-fueled hot air heating, gas stove, on 2.6 acres of land with a shared private well (which I'm currently trying to get more information on).


The house definately needs interior/exterior paint job, additional trim (salvaging existing trim), buffered and polished floors, new kitchen cabinets, new bathroom sink, possibly new windows, needs to be brought up-to-code to pass inspection to be able to rent, new shingles/possibly 4x4 replacements under the shingles...



First thing's first though- my realtor is giving myself, my inspector, electrician and demo/patch work guys access tomorrow morning to verify the structural integrity of the house since it's an older wood/stone foundation. I also need to find out more about the electrical wiring and plumbing system to determine how easy/hard and cost effective it'd be to build a bathroom upstairs



If all goes well with the inspection report, I'll place my bid directly to the listing agent before I head back to North Dakota Sunday. I'm not the type of guy to contract all of the work and just leave- I want to be a part of the process, so I'd make flights back/forth from ND to New Hampshire to work with my contractors. I'd like to live in this house with tenants by next spring (once the house is redone I can take my time working on the outside....building stone walls, gardens...look at building lean-to's for firewood storage, etc...just to constantly improve the house and add character/value to it in cost-effective ways because EVENTUALLY it'll be flipped



Any questions about anything I might've left out? Any thoughts/ideas welcome

2 bedroom, 2 BR homes in williston are $350k and up.... location, location, location


ND is the 2nd least populated state in the country next to Wyoming. Besides, I've always liked the NE


anywhere outside of that and you'd have trouble finding buyers. I've considered Fargo, as I predict that'll be a huge retirement community in the coming decades...can still buy a nice house there with no work needed for 100k, but that's on the other side of the state and i don't want to make 7 hour commutes back/forth during my weeks off of the rig to go tend to my place/tenants