What would you do with this property?
Hello folks. I'm not new to bigger pockets but I have been gone a long time. I need help figuring out what to do with this property.
So let me break down the numbers
Purchase price 70k
Money down $0
Rehab 15 - 20k
Still needs Maybe another 5 to 10k
Monthly payment $545
Rent $650
I found a potential tenant today that would pay $850 so there's that.
Owe 53.5k
Could sell for perhaps 85k
No matter what numbers I run I just can see anything making this a positive cash flowing property. So I can either sell as is, perhaps do a 1031 into something better, eat the cost, fix it up a bit more and get that $850 a month tenant I there. Or refinance, fixit up good and hope it brings in more that 85k ARV.
What would you guys do?