When you see a fixer upper, ask yourself if you would still be interested if the price was 20% higher. If the answer is no, walk on because a bargain priced house usually is not a great deal unless you already have the skills, tools and contacts to tackle the work. Also ask yourselves if you really like doing hard work because there is a lot of labor involved in a project, even if you are hiring a contractor.

Thanks for your help.

Unless you just want a time intensive DIY hobby to keep you out of the streets, and to learn construction skills fails, and to get lead poisoning, don’t buy a fixer upper. Living in a constant construction zone is very stressful. It costs WAY more than you think. And that is if you’re doing all of the work yourself. If you have to pay someone to fix everything, you could have just bought the house that cost twice as much in the first place. Labor is the most expensive part of any project.

Go into it assuming you need to replace roof, repipe and rewire regardless.

You should absolutely get a home inspector (not just for a fixer upper, but ANY house), preferably an anal retentive one not recommended by your real estate agent.

Another thing is to remember that a fixer upper is not necessarily a blank slate (unless you have a giant budget). Select a house that's already mostly what you want in terms of layout and number of rooms and exterior - drastically changing the layout and moving stuff around (esepciallly if it affects the exterior) can get really expensive. And it goes without saying, but ensure you have a decent roof and good foundation (your inspector's job).

Also, don't concern yourself with finishes when viewing these houses. Don't like the wall colors? Painting is cheap. Don't like that it's carpeted? Flooring is less cheap but straightforward relatively easy to install. Kitchen has ugly cabinets? Who cares, you'll be redoing it all anyway. It's a fixer upper, after all.

Yes, we always get home inspection, survey, etc. I wanted to see if there was any stone left unturned in my thinking process. Lucky us we won't have to live in home while work being done.
Do you think sending a picture of adorable twin grandsons to the Property Brothers would bring them on board? Just kidding, I know there are a whole host of problems with those arrangements.

"... and to get lead poisoning ..."

Don't forget mesothelioma.

My wife and I are 9 months into a 3 year renovation project. Sometimes it feels like I'm bleeding money, even though we're on schedule and budget.

IMO you need to have deep pockets and a real love for the house to begin with . It always costs twice what you think but I love renovating . You do need an inspection to make sure you are starting with at least some idea of what is needed. There are many surprise along the way that even a good inspector can’t forsee.

One topic of potential concern is always the local authorities, in reference to permits, code enforcement and zoning or land use plans. Ask a few questions and do lots of listening around realtors and contractors. You may be able to pick up hints about general attitudes towards regulations and if any local authorities have more zealous enforcement than others. If there are any plans or projects being discussed which might involve large scale traffic disruption or changes to land use, be aware of potential effects on surrounding properties. Just a hint of a major infrastructure project might make it more difficult to sell a property in the immediate vicinity...or, might make it more valuable if it is close enough to a major upgrade.

Land use ordinances and regulations on tear downs can drastically change local markets, meaning some properties revert to a starter house instead of a potential McMansion

There are different types of fixer uppers. You may be looking at 25%-30% below market for properties requiring a cosmetic overhaul or "as is" properties that may be listed at 40% the market rate for the area. Big difference. Your financing situation is also a factor to consider. Will you be able to secure a loan if the property is deemed "uninhabitable"?

I have "been there, done that" with a severely neglected condo purchased for 95K a month after a same tier, fully rehabbed unit sold for 215K. But it was a cash purchase, I had a 200K budget for the final result, and access to an additional 20K for contingencies. I did have a contractor on board during the selection process, one who has done some previous work in buildings in the neighborhood of my choice. The remodel ended up costing considerably less than the allocated budget since we haven't run into any of the foreseen worst case scenarios, and I had time to shop around for materials and fixtures while awaiting permits (HOA was a pain, city permits were easy). No DIY, done to my taste and worth every penny.

Best of luck with your undertaking!

If I were you, I think I’d be interviewing builders before you buy the home with a view to employing them for an inspection and then the renovation after the purchase. You’ll want a builder with local knowledge, who has done renovations in your area, who’ll know what to expect in the homes you’re looking over and is familiar with city requirements.
In my experience, home inspectors are valuable, but they work to a checklist and a 2 hour time allocation. If it’s not glaringly obvious, they can miss things and often do. They are looking at a home for immediate livability, not as a potential renovation and often don’t have a construction background, which limits their scope to provide advice on other matters outside of the immediate inspection agenda. A builder of your choosing should be able to focus on the renovation issues.
In the age range you’re looking for, there’s potential for asbestos and lead, water damage, rot and mold, insulation, foundation issues, wiring and electrical, and plumbing. Maybe one item isn’t a deal breaker, but several items together have the potential to blow your entire savings and more. If you happen to purchase in a historical neighborhood, there’s another range of compliance issues to consider.

Update- we looked at the house we were considering - very scarey, infact I think it should be condemned, not habitable, wondows literaly falling out and bricks on outside by foundation crumbling. A bulldozer is recomended. And the price! What are they thinking? Want to make a killing on an estate sale. However, all of your comments gave my husband and I a lot to think about. Grazie!

Are you getting a GC to source the work or finding subcontractors yourselves? I'd bring your GC thru any house you are seriously considering. if not using a GC, start collecting some subcontractors that you can trust.
As I'm sure you know, plan for it to cost more and go over timeline. Keep mind fixer-uppers may look fun but IRL they are a lot more time consuming and stressful than you can imagine till your doing it. Make sure you have enough excess funds in case things come up.