Need Help Evaluating This Deal! (Newbie)

[Johnathan Mark]

Thanks for all the help all. Wondered if you could offer a second eye on a property that's come in as a lead. I'm looking to do some light rehab work and flip.

• 3 beds 2 baths 1,663 sqft in Seagoville, TX (suburb of Dallas)
• Built in 2007, nice neighborhood
• Seller is a wholesaler, wants $143k
• Has a tenant in it (lease is up 12/31/18 but has multiple dogs which is a violation of the current agreement)
• ARV is looking to be around $183k (4 comps in the area, all 3/2s sold in the last 90 days, within 100+ sq ft and 5-6 years build date)
• Estimating around $6k in repairs (new hot water heater, carpet, interior paint, toilets, deep cleaning)
• Based on my analysis, I can make $13k min after fixed costs and repair (IF the tenant moves out with no hassles)

Thoughts?

[Amanda G.]

Bulletpoint number four is the biggie. Would you be happy to own this property for almost a year before renovating? Are you happy with the idea of going through the eviction process with the current tenant? Tenants can make your plans go to pieces if they decide they have been treated unfairly by either fighting it or doing damage to the property. If you go through with this deal, consider planning a generous cash for keys into your budget. (this deal wouldn't be my cup of tea, but others might find it appealing)