Contractor · Richmond, VA · Member since 2018 · 4 posts · 2 votes
Hey all,
I have a property under contract that I’m looking to assign. The comps are 125-135 for this type of property. 2/1 1.1sqft built In 1940 but it has 1.21 acre which is why I took this deal over the price I Set for myself. It needs rehab work with a half tare out I’d say. If you were to purchase this property what would a ballpark figure be. Contracted for 73.5k I wanted it for 50-60k I think the numbers are too tight to be worth it.
@Ryan Dillis without having a rehab estimate, all you can do is guess. At 1100sq ft, a standard rehab will probably be $30k, so $125,000 × .7 = $87,500. Minus $30k gives me a rough starting point of $57,500, subject to more accurate rehab estimates
Yeah I ran numbers and it’s way too tight for a investor to buy I just wanted a outside opinion. On the positive I have rights to market myself off the property so I have signage on it that promotes my wholesaling on a high traveled road.