You can flip houses anywhere there is a housing market, regardless of average square footage or market value in the neighborhood. It's just the old "buy low - sell high" philosphy. My son just bought a "fixer-upper" house for $102,500. It needs about $5,000 to $10,000 in minor repairs, then would appraise for $180,000-$190,000 (the average price of similar homes in the neighborhood). He would then have the option of a quick sale below market value for a good profit, or hold out for a sale closer to market value and better profit. Either way he couldn't go wrong. No flip here, though. This will be their first home.
