Any interest in Lincoln Square teardown project?
Contract in progress...but gathering interest if numbers make sense:
ARV - $750-800k
REPAIRS - $300k estimate by reputable contractor - Suggested teardown and rebuild new 5/3 with backyard and garage. Rehab existing property for 150-200k possible...but would not suggest this course as building has a lot of issues and layout is not current to attract higher-end buyers.
WHOLESALE PRICE $365k -Estimate new house can be finished and sold by June 2015 with a potential profit of $100-135k based on above numbers.
LOCATION. LOCATION. LOCATION. Lincoln square - Foster/Lincoln ave in Chicago. Great neighborhood, close to western brown line. Similar rebuild and other homes on same street and area sold last year for 700k+. This is currently a 2-unit property, so if you really wanted, you could fix-up with 150-200k and get 4000/mo collectively, but that's a lot to invest for a rental for most people.
Even if not interested, please comment with feedback--it will be helpful in case seller can still negotiate down. $300k owed on mortgage, though, and owner doesn't want do budge further. Thanks!