20k REO Country House
Looking at an REO house in the country about 6 miles from town. Looks like it has been listed for a few months. Two recent price reductions in the past 45 days. 39k-29k-19.9k with the last two reductions coming within seven days of each other. I'm really considering picking it up as a flip or rental but can't decide which way to go with it. I have a HELOC that I would love to pay off with a quick flip. This would give me some freedom in future deals in addition to cash reserves. I'm thinking that this might be the way to go instead of BRRRR which would hold my cash reserves up until I could refinance. Thoughts from the crowd? Also, looking for a strategy to approach an obviously motivated REO sale. Complete low ball offer? Worst they can say is no I suppose.
3 bed 2 bath, 1050 sq ft.
ARV: 70k
Monthly Rent: 700-800
Estimated Repairs: 15k