Does this sound like a good deal?

Question

5012 N FALKENBURG RD, TAMPA, FL 33610

Great unique flip opportunity! With over 2,400 in sqft, a pool and detached barn, allow your creativity to craft an end product buyers will love. The property is older and has been maintained, however, it needs updating through out. The house has a great split floor plan with plenty of room to create a masterpiece.

Property Bed/Bath/Garage/SF Count:

Bedrooms: 3

Bathrooms: 2

Sq/Ft: 2,466

Garage: Carport, detached barn in back yard. Large circular driveway

Pool

Price: $182,500

Rehab: $95,000

NPO: $350,000 (at $141/sqft, but this can be pushed to $150/sqft with a bomb rehab)

Mya Toohey · Answer

I'll give you a quick rundown....Well, work your numbers.  How are you financing?  If you are using hard money then you will pay 10-12 points a month, every month you hold the property.  Then utilities, permit costs, lawn care, and dumpsters, are these costs in the rehab budget?  Then on average you have 2.5% on the sale with closing and fees.  Then an average of 1.5% of fees on the sale...will you offer a home warranty and pay any buyer closing costs?  Then your Realtor fees depending on how you have that set up.

20% down payment= $36,500

loan fees average 5%=$12,050

182,500 x 2.5%=$4562.50

price -20% down + reno budget =$241,000

6 months of interest payments costs at 10 points=$14460

6 months of Holding costs at $300=$1800

Aprox Total Costs $310,372

$350,000-$310,372= $39,628 before Realtor Fees/concessions to the buyer

That's how I do a quick work up on a property.