Rehab Prospects How to determine best ones?

Everything I’ve looked at lately should be dozed… The wife and I have decided that possible rehab prospects should at least be reasonable.

I was wondering what qualities everyone looks for in rehab prospects. What makes a property a go or no go? I know foundation problems are a walk away deal. Then there’s always the places that surprise you. There’s several nice houses in my town that were vacant for many years that were rehabbed into great places. One would think that the time / effort to go from that bad would make it hard to make a buck on the deal - unless you were in some super hot area…

Any comments appreciated…

I look for strong location/neighborhood, good layout and no foundation problems.

Also you need to factor in your strong the markee is in your area. If the market is slow, long hold times can really eat into profits. In the end, many times you get a bit less than you hoped and have to hold it longer than you want.