Flip or Keep? Great comps, possibly too much work at current ask
Hey all,
Walking a property with an owner who has a 3br/1ba 1025sqft. property around the corner from my house. He's asking $425k, comps that have sold in the last 2 months are 3br/2ba 1300sqft newly renovated $675k, 3br/2ba 1300sqft $655k, 3br/2ba 1570sqft $750k.
A 3br/2ba 1400sqft home just sold for $390k. I feel like this deal pencils at $365-375k but need to add a bathroom, redo kitchen and existing bathroom, close in garage port for more sqft, + cosmetics and new appliances. I'm estimating $120k-150k in renos. Does any one have experience with this scope of work? Would you do this deal?
Also I feel like I could offer more with seller financing, but confused on how to come up with that amount of $$$ for the rehab, pay off the balloon AND construction loan. Any insights appreciated, thank you!