Just bought a house at a local auction! Local auctions have less exposure and every now and then you can snag a deal. Here are the details: Winning bid: $181,000 Buyer's Premium: $18,100 (10%) Total Price: $199,100 Repairs: $60,000 flip, $30,000 rental Rent Rate: $2,000/mo All-In: $265,000 (after closing costs) ARV: $325,000 Gross Profit: $65,000 Net: $48,750 Timeline: 90 days Don't sleep on auctions!