Need Help - is this a good wholesale deal?
Hi Everyone,
I asked about this deal last December and didn't get any feedback. The seller evaporated and now she's come back ready to sell. Are my updated numbers right? Do rehabbers shy away from high HOA fees?
Condo, in Madison, CT (an affluent community on the water - not Fairfield County) Complex has good reputation and distant views of Long Island Sound:
UNIT: 2 bed 2 ba 1,836 sq ft. cathedral living rm, 4 season sun room finished, walkout basement, 2 car attached garage. Built in 1996. Kitchen flooded spring 2014 kitchen and was replaced w/ all low end stuff. Middle unit.
HOA Fees: 650 mo. (this is on the higher end of normal for this area).
COMPS:
2 bd 2 ba SOLD 11/21/14 for $180K - 1,160 sq ft smaller and foreclosure bad shape
2 bd 2 ba SOLD 12/10/14 $350K - 1,374 sq ft. smaller but end unit fully updated w/ finished basement
3 bd 3 ba SOLD 10/15/14 $390K - 1,542 Sq Ft fully updated w/finished basement
CONSERVATIVE ARV: $330K could be higher right????
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REHAB:
KITCHEN$10,000
Cabinets $6,000
Granite $2,500
Appliances$ 1,500
MASTER BATH $7,000
2ND BATH $2,500 (has good tub/shower unit)
DUMPSTER $1,000
PAINTING $2,500
CARPET FLOORS $3,500
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TOTAL: $26,500
15% OVER -$3,975
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TOTAL $30,475
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70% ARV $231,000
Rehab -$30,475
Wholesale fee - $10,000
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Max Price $190,525
Am I not moving on this because I'm afraid to take action or am I afraid this isn't a good deal? Please help me out!