Need some help! Want to close!
Things seem to really be coming along for me, I just need to close on a deal! I am really close to this one and just need a little help.
Here are a few details about the property:
In the Federal Hill area of Baltimore which is very desirable.
2 Bedroom. 1 Bath, however there is plumbing, an old sink, and toilet that is "technically a half bathroom" per the owner. (Not sure if permitted)
998 sq. ft.
I estimate rehab costs of about $25,000 - $30,000 needs to be completely done pretty much.
The owner is looking to get $140,000 out of it. No mortgage, judgments, or liens.
I'm getting stuck on the ARV. Here are the closest comps:
2/1.5 932 sq. ft $239,000
2/1 912 sq. ft. $189,000
2/1 912 sq. ft. $192,400
2/1 924 sq. ft. $229,500
What would you say is the ARV? How much would you pay or offer? How much would you charge for your wholesaling fee?
I guess my biggest issue is when doing the math and adding in my wholesaling fee, it looks like $140,000 is way out of the question, but I'm nervous the owner will think I'm lowballing and reject.