Updated over 6 years ago on . Most recent reply
Is this deal worth it
Hello Friends
I found this property in a small college town. This is an ideal rental property for college students. The seller is under water on the house and is in the pre-foreclosure stage. The property is in a really bad condition, the repair cost is too high for a flip based on comps. What’s owed on it will not make it a good wholesale deal. I’m thinking this may be ideal for a subject to deal or a short sale. Any advice?
The house has a payoff mortgage of 41K
The ARV is 70K
The house is currently vacant, rundown, and has no water heater. It’s worth 20K max
It’s a 3b b1
Houses in the area rent out 400 per room on average.