Updated over 7 years ago on . Most recent reply
Home under contract listed as 3 bedroom but is missing a closet
Hello everyone! I recently got my first investment property under contract and is in the last day of my 10 day due diligence period. While looking at inspector report, I noticed that 1 of the bedrooms does not have a closet. I'm unsure if this is a deal breaker or not. The home was listed as a 3 bedroom-1 bath and I was able to negotiate for 23k. There's numerous issues; hole in floor and hole in wall, outdated kitchen, ceiling tile is coming off in portions, metal roof that screws need to be replaced etc... I received COMPs from the realtor and the market value ranges from 80-123k. My proposed strategy is to use the BRRRR method with a budget of 25k. After reviewing the report I am a little nervous because I am wondering if the budget I have is realistic and lastly, if the needed closet should be considered a deal breaker. I talked to my realtor about it and she stated she was not aware of the closet missing. The seller is unwilling to go down on price. Unsure if I should walk away or not. Like stated earlier, this is my first deal and I don't want to make foolish mistakes. Can someone please provide insight. Thanks in advance!