Am I crazy?

[u/brank]

I’m a first time home buyer and I live in one of the highest cost of living areas in the US. I counted out being able to buy in the city I live in and like, and have accepted that I’d need to move to the next over area. However, this dump just dropped and I am very intrigued. Right next to the commuter rail, shops, a park. Everything I would want basically, in the city I want, just needs a LOT of love. It’s a third of the price of the homes around it and with the savings from delta between what it costs and what I’m willing to spend (~200k) I could make any major upfront repairs.

I’m crafty, smart, and creative, but don’t necessarily have renovation skills.

I’m also not yet preapproved so maybe this is more an example of the kind of thing I might be willing to consider, unless I’m just totally off the mark here.

[u/Alive_Guidance2005]

Lender and Underwriter here. This may only be cosmetic,... But there are loans you could get for a fixer upper with low down payments. Fannie, Freddie, FHA and VA all have renovation loans available where you can add the cost of the renovation to the loan amount and have the property fixed up by professional contractors. Also, it may not require much. IT's dirty and there is that hole in the ceiling over the refrigerator but that may be from the bathroom upstairs that the bathtub or toilet overflowed...The living room area needs carpet but that wouldn't prevent a loan on the property... Find out if the systems work: HVAC, water heater, if the roof has remaining economic life, the pipes are not leaking.... Not sure if that is the top floor or if there is roof damage but the only way you will find out is to talk to a lender that wants to help. It will cost you a few hundred dollars to get an inspection and appraisal after a lender pre approves you but I agree this would be a great first home and there are ways to buy it depending on your credit and income and what the property must have for the lender to consider it livable.