Is this a good deal?

[Walmsley Gedeon]

First I would like to thank everyone on BP for giving me the courage to even try this. Ok so I wanted an opinion on a deal. Asking price: $170k Rehab: $65k estimated but I think it will be a lot less 4 family Irvington NJ 2-2-2-1 bedrooms. Rent 2bed $1000-1200 1bed $700-$1000 Estimated Rent Roll $3700-$4600 Buy and hold Section8 Estimated down payment $6k Estimated closing cost $6k Estimated Taxes $6k Monthly estimated $1900-1950 Gas $200 Electric $75 Let me know if I'm looking at this correctly. This is my first time around the block so I can use as much guidance as possible. Brand new heating system and brand new boiler system 2 years old. I think this is a major grab. What am I missing?

[Brent Coombs]

A quick look at Zillow showed at least one (5 B/r) duplex going for just $40k, and many other similarly priced properties in the same area you're looking at. That means to me: at anywhere near $170k, a 4-plex there should ALREADY be in ARV condition!

Just because the pro forma ROI looks quite good - doesn't mean it's a "deal"!

You need to get up close and personal with the neighborhood, and every other wholesale offering!

Gotta ask yourself - with the mechanicals being replaced so recently - how on earth did it get into such a state of disrepair afterwards (and, what will stop it getting into that condition again)?...