Something to remember, property can NOT over appraise once renovations are complete. Be mindful with budgeting, do not over improve, select materials carefully to stay within your budget. Also, there are time constraints that must be followed. A property does not need to be in disrepair to obtain an FHA 203k loan, you can obtain funds for a remodel. Buying at the right price is critical, but so is budgeting the expenses to renovate.