Flip or Flop S01E02 - Spanish-Style Salvage

Tarek and Christiana spot an intriguing listing for a curbside auction for a foreclosed 1920's Spanish style house in Santa Ana, CA. This is a unique opportunity to actually walk through the house, before the bidding starts. Although it needs a complete overhaul it has some charming original architecture still in place that will add to its value. They decide to bid on the property and win the house for $208K, a good price considering comps in the area go up to $325K. Their contractor meets them at the house and finds more issues than Tarek and Christina originally spotted in their walk through. There is some structural damage to the foundation and roof leaks that could be massive projects and additional costs. Tarek and Christina worry these structural issues might blow their entire rehab budget. Will this Spanish style salvage be a profitable flip or a regrettable flop?