Deal analysis on my first potential wholsale lead?
Hello guys, I'd like some analysis on this wholesale property I have an appointment scheduled for tomorrow to see what I could offer.
Property info:
2 bed 1.5 bath
1311 Sq Feet
estimated ARV $75k-80K(based on a 2 bed 1 bath selling at 75.9K in december and a 3 bed 2 1 1458sq feet selling for 84.5K last september. Those were the only comps I could find within half a mile.
Estimated repair costs 10-12K based on what seller mentioned over phone, would have to recalculate after seeing property
rents currently for $750/mo
Has had long term tenants in the property for a while.
Seller info:
Is asking $45k, havent been out to see the property yet so I'm hoping to be able to negotiate him down to maybe 30-40K tops. I'd like to make at least $2k on this property for my first wholesale fee. I think I'd be able to get him down in that range and still make a profit on this. What do you guys think? I can provide some more info if needed.
Thanks!