I found two homes (next door to each other) completely gutted (no plumbing and no electric) but has walls with fresh paint and no structral damage or termite damage. The owner is selling both for 150k. I'm really intrested by this would be my first investment purchase. The community is poor now but the city has already started in the the total renovation of the area. It's gotten a 20% rise in property value in just one year! How much do you think it will cost to renovated both homes???

Additional Details
They are 2br-1ba shot gun homes

With the cost of materials and labor, I estimate about $100 grand.

Find out exactly what needs to be done and get estimates from several contracters. That's the only way to know for sure.

probably at least 40k each.