NE San Antonio - I'm trying to settle on whether I can turn this into a deal.
An agent friend is giving me a shot at its relisting first. Built in the early '70s, thus the wing-wall architecture. My wife and I just can't seem to get pas that and some bad landscaping. One horribly-trimmed mesquite tree would need to leave.
2100 SF, 3/2 with garage conversion to a family room
Asking $134k, but will take $110k since that was the under-contract price when the buyer backed out. Agent thinks the owner will take $100k for a quick close, which I can.
Nearby comps from the agent are mostly from the early '80s, ~1700 SF, & selling for ~$120k. At ~$70/SF, the agent is seeing an ARV of ~$147k. My gut is telling me $120k. Quick rehab/updating numbers are ~$10k, so reality will likely be ~$20k with some landscaping (curb appeal). Using the flip rule-of-thumb of 70% of ARV minus rehab, I see a price of no more than $74k if only a $10k rehab. I really don't expect the owner to take that. I'm also concerned with sell-ability given the architecture.
With comp rents in the $1000-$1300 range, I don't think I can make it work with as a rental since I'd need to finance is to re-free the cash for another deal. the 50% or 2% rules don't work for the price.
Agree or disagree? Anything I'm missing? Thank you in advance for your time!