Updated over 6 years ago on . Most recent reply
Single family property rental analysis
Hello,
My name is Vickiana Ramirez, and I am new investor. My goal is to own 10 rental properties within the next 3 years :). I have come across a property and I would love some help analyzing the deal. I have a good understanding of the rental analyze, but I may be using the BRRRR method. So, I am a little hesitant on how to determine a good ARV.
Asking price is $160k and I believe that the rehab cost is about $20k. The property is in good condition, It has new flooring, new carpet, and new roof. However, it does not have an HAVC system. It is a 4 BRM, 2 Bath 1310 sf built in 1963
I have looked up comps and 90% of comps are in the mid and high 200k; however, those are newer homes with about 1,000 more SF. There are also two other house houses .6 miles away that sold for $145k (rehab needed 2,264 sf) and $160 (rehabbed 1,717 sf.)
What are your recommendations for determining ARV? Also, what are your thoughts on the deal overall. Also the deal is from a wholesaler.
Thank you in advance,
Vickiana