Great buy in a sleepy area

[Kyle Longacre]

Hey there BP,

I wanted your opinion on a property I’m looking to partner on. The building was appraised 6 months ago for $800k, we are picking the deal up off market for $350ish if we close in the next 3 weeks.

The building is 19,090 sqft of brick and in need of a roof (maybe a patch job), 50 windows, electrical, heating and flooring estimating around $350k.

At $700k project cost + holding expenses, our goal is to flip the property and provide a vanilla shell to the county/city courthouse, laws offices or medical offices. Our goal is to sell in 6-12 months for $1.8M, our only concern is that this market overall is a little sleepy and slow. Do you ever invest in a deal because the numbers make so much sense even when the area is not up and coming?

The property is zoned downtown business residential and is located downtown right next to the county courthouse, hospital and other local government agencies. The town is in Vernon Rockville, CT about 20 mins outside of Hartford and away from UCONN. Thank you for the input.