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Updated over 3 years ago on . Most recent reply

User Stats

9
Posts
20
Votes
John Hamilton
  • Investor
  • Colorado Springs, CO
20
Votes |
9
Posts

Is this property worth the risk?

John Hamilton
  • Investor
  • Colorado Springs, CO
Posted

The tenant has been in the house for 12 years with a $500 rent that they stopped paying a few months ago and have become very hostile with the situation. The seller has not yet started the eviction process but they want to get rid of the property. They have not seen the inside of the property in many years but it is apparent that it needs heavy rehab judging by the outside. The property is 2 bd/1 ba, 1000 sqft. 

I am thinking ARV - 10% CoC ROI, Heavy rehab costs for this size house and the high end eviction cost in Colorado = Maximum offer. I would first try to offer cash for keys but eviction as the last option. The ARV in this area would be around 325k. What do you guys think? Would you buy this house sight unseen with the given circumstances?

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