Possible Deal: Can you help me with the numbers.
I currently have never done a flip of this degree, so i wanted to get some input from the masses on the numbers. I have been reaching out to banks and previous owners of properties in a nearby area and a bank responded back on a property that that they currently have on the books to go to auction in the future. Since ive not done anything of this magnitude before i wanted to get some numbers input from the masses.
Property Details:
Block Construction 1150sq ft 3/1/0
Bank explained that its a complete remodel needed property, stating that the wiring and pipes have been stolen from the property while it was sitting. The roof has an unknown age as no new permitted roof has been pulled in the past 30 years, but no appearance of roof leaks currently, but looks aged.
The bank asked me to give an offer...
Comps in the area have sold in the past 12 months from 110-119k, rents seem to be around $1000-1100/month