Found my first flip Edison NJ (Need Help)
Hi all, I'm Andy a realtor in central New Jersey, never flipped a home in my life but really look forward to doing so. I came across an off-market lead from a newly retired who wants to sell his home. He had bought it 41 years ago (built-in 1965) and did absolutely nothing to it but throw on some carpet on top of the hardwood floors and clear out a wall to make the living area/dining room feel a lot bigger. The owner wants nothing but 275k for it, not open to any other options. ARV fixed up is anywhere from $460k to $490k (if I put some serious remodeling to it). A comp with exact same layout and style home spent $60k in rehab (not replacing HVAC, or siding). Everything works fine with the home even the HVAC, no leaks just looks old. I got an estimated rehab of around $90k for new water heater, hvac, roof, electric (needs to run new wiring for lights and panel updated to comply with c/o.) floors throughout, converting a half bath to full, and remodeling 2 baths and kitchen, and other miscellaneous things like sheetrock, painting, etc. The property also needs the backyard graded (dog messed it up) and a new fence (has the old metal wiring 4-foot tall ones). Also has a covered patio that I can convert to living space for extra sqft ($$$). Also around 44k in other costs like interest, closings, holding etc.
Home detail- 3 bed 1 1/2 bath 1,472sqft
Or should I sell the home with 1-year warranty on HVAC and water heater and just do light rehab (kitchen/bathrooms) and sell it for around the low 4s.
NOT ADVERTISING PROPERTY FOR SALE! ONLY LOOKING TO HEAR OPINIONS FROM INVESTORS IF IT IS WORTH IT OR NOT!