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Updated over 9 years ago on . Most recent reply

User Stats

9
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Paul Williams
  • Nashville, TN
0
Votes |
9
Posts

Should I Sell or Hold onto long-term

Paul Williams
  • Nashville, TN
Posted

A property was bought through foreclosure auction and fixed up with a total purchase cost and rehab cost of $80,000. The plan was to hold onto this property long term but I've had an investor make me an offer would love to have your opinion on this. Here are the details:

Purchase price and rehab costs - $80,000
Rents for : $1425/mo
HOA fees - $225/mo (covers roof, water, exterior, and garbage)
Insurance - $45/mo
Occupancy rate - 90% 
Depreciation - $2,000/yr

Originally I thought the property would be worth $115,000 - $119,000 ARV

I had an investor who saw it listed as a rental send me a contract for $135,000 and close in 3 weeks (No realtor fees). 

How do you evaluate whether to flip a property vs. keeping it longterm?

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