Analyzing a Deal in Tucson, AZ- Advice from Local Investors
Hi BP Tucson,
I hope all is well, and that you are staying safe out there. I'm somewhat of a newbie in the REI game and the strategies I've focused on are wholesaling to find deals and network, and buy and hold. Anyway, I'm an out-of-state investor and I super interested in the Arizona market as I'm only one state over.
Last night I had in seller from Tucson reach out to me via one of my ads. He seems motivated, and owns the house free and clear. He has renters in there but they move out at the end of April and he's looking to sell fast. This would be a wholesale deal for me, and I wanted to get your input on if you think. I crossed referenced his info on PropStream as well and he is in fact the owner of the property. Here are the property stats:
1) 2082 sq ft, zillow says 3 bedrooms, 2 bathrooms (he didn't give me the amount of bedrooms and prop stream didn't have it either). He stated there is a 500 sq ft addition but it wasn't permitted. Is that going to be a problem?
2) Estimated value is $220,000-$230,000. He said he's willing to take considerably less for a fast cash offer.
3) From what I gathered, rent in the area is about $1,400-$1,600.
4) Still need to run my comps
5) He said it only needs a little work, and the pictures on Zillow look like the house is in pretty good shape.
My business partner and I have boots on the ground in Tucson which is good. We obviously need to analyze the deal a little more and see what we can do for an offer. Do you guys have any feedback on a deal like this? Do you think it's worth pursuing? Any good title companies you can recommend in the Tucson area? Any and all advice is greatly appreciated. Thanks all!