Newsflash: Looking for some specific advice for first time home buyers, house will need work but has huge potential.

Trying to figure out if this house could be an amazing deal or if we should be running away from it. Note, the house is being sold AS IS. The house we are looking at WOULD be an amazing house but a lot of things just haven’t been kept up with as the owner is a single old lady. Big things that I noticed that need repair were water damage around skylights (repair/replace skylights and drywall) and the deck was not cared for in years and probably just needs to be replaced. Other than that the house is mostly just dirty and packed with years of accumulation of things. Needs flooring replaced, wallpaper removed, paint, stuff like that.Major things like appliances have all been updated, including new AC. No problems with water in the house or anything, and the house is fairly new (1989).The market value for this home if it was in good condition is probably around 250-280k. Possibly even higher in the right circumstance but it is (potentially) the nicest house in the neighborhood. Last house on a dead end street with no chance of any new construction going up in the back or to the side. Definitely the biggest, 3 car garage etc. Initially it was listed at 229k, and over the course of a month it’s dropped to 215k. I’m thinking of offering 200k and just seeing what happens.This will be our first home (been renting for.. 13 years now) and we look forward to learning how to do all the things we would need to do to fix the house up. Everything that I saw (admittedly we are novices) would be doable ourselves given enough time and money, neither of which would be a problem. I’d have a professional do the skylights but that was definitely the biggest thing we found. BUT we are very nervous as we’ve never attempted anything like this before.Our other options are smaller house, needs less work, spend around 200k. Or buy an older WWII era home for low 100s, probably need some work, more worries about dealing with stuff like flooding (big in our area), lead/asbestos, general older house problems. Our annual income is around 120k so I think even if we spent up to 250k on a house we would be ok and able to afford it without compromising our saving plans.So just looking for some reasons basically to not go through with this. Tell me what things could go wrong and why this is a bad idea. What is worst case scenario for “as is”. Also this post is worded terrible probably, so just ask if there’s any more relevant info I can provide.


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