This board seems to be the only one with actual adults on this

>>1052946
If you are asking this question, you are unlikely to have much experience in the trades, and a fixer is likely gonna cost you a lot more than you expect.

Why not just buy a lot and build new? Frankly, it can be less expensive, and you then can get exactly what you want.

If you're not that pragmatic, try to find homes that the sellers are in financial distress, rather than the properties in disrepair.

Unfortunately, this is uncommon, as deferred maintenance is usually the first symptom of financial distress. Sometimes a sudden death, divorce, or illness can create a situation that doesn't create years of neglect.

To maximize resale upside, look for the least expensive properties in the most expensive areas. Bringing subpar properties up to the standards of the area will create a multiplier effect on the monies expended to renovate.

Lastly, if you buy a fixer, you will be buying an education. It will be an expensive lesson, but knowing this going in can prepare you to enjoy the ride, rather than contemplating suicide as each new surprise hits your wallet.

>>1052946
'fixer upper' means different things to different people. But, those prices are insane. I paid 140k for a standard Florida city home, 3b2ba, 1960s Tampa bay area. Needed updating, but nothing crazy expensive.

I am glad I didn't go crazy with required fixes, all rooms were functional. We had to move in ASAP, and if you dont have the luxury of a temporary place to stay, you'll be screwed too without a kitchen, bathroom, etc.

>>1052946
Research the local market. I just went through the nightmare of buying a home in northern AZ. Half the houses were rentals that have been destroyed from the native niggers. The other half were overpriced with some seriously shady foundations. I second the build a house idea. It's what I would have done had I the savings for it, or if VA loans covered construction loans.

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>>1053058
I call bullshit. Not that on the price. But on "it just needed updating" also the price shows me your barely touching the 1000sqft mark. And ur literally living in the ghetto. That being said. "Needed updating" is vague as fuck.

1960s house in florida, if it had anything but title roofs, hopefully the roofs been replaced in the last at least 20 years... If not ur roof is janky as fuck right now. And also the plumming. Unless its been redid in the last like 15 years, you got copper pipe, even worse if it runs underground. Lots of water breaks coming in over the years.

Now depending on area, and how much you do flood. Your foundation is probably shifted as fuck. Lemme guess, half your windows don't even open right..?

Lived in florida all my life. Know a thing or two about houses too. ..

Why don't you want to spend more than $200k? If the reality of the local market is that a decent house starts at say $250k, then you're probably looking at $50k worth of sweat equity to bring it up to snuff.

>>1053075
Its called being young, having little credit. And or getting cucked by the bank ur with. He cannot afford over to 200k.

>>1053068
1300 sqft, not including garage. No issues when we moved in at all. As I said, it had a functional but outdated kitchen and bathrooms, but we did pay 140k about 9 months ago now.

>>1053083
The bank you're with? Man, if you don't shop lenders you're going to get ripped off.

Also, I would hope that anyone with $170k in the bank has at least decent credit.

>>1053089
Also, all new windows minus 3. Why they left 3 old I'll never understand, but that's next summers project. Foundation is fine, low flood risk area about a mile from ocean. AC is old though. I dont see why this is so unbelievable. Houses in this area are similarly priced within 25 miles.

For me, a fixer upper means recent damage, from say renters putting holes in the wall, or vandalized is some minor way. I avoided houses with bad smells even without carpet, floors that bend as I walk on them, a roof that looks like it's doing the wave, etc. These are not cosmetic problems and repairing them do not raise the value of the home (in my shitty market.) Cosmetic changes somehow lower value more than a broken foundation here so I stayed on the market looking until a cosmetically damaged house came on but had a good foundation to work from.

I hated shopping in my market, way to much demand with a good old boys club running every step of the process.

>>1053083
FHA loans go up to $300k. Pretty sure niggas with zero credit get it.

>>1053095
No. My bank will only credit me 200k with like no credit. And a 3.4 interest rate...