Help me analyze this house hack
Property Details. : This is a 2/2 unit with partial ocean views in the miami beach area. This is a beach front building with 24x7 security, concierge and valet. The unit is good condition expect that it is very old and never being updated in the last 20 years. This was a vacation home for the seller. So they only stayed a month or so every year. I currently rent my unit in the same building so i know it unit well.
ARV :620k - 640k
Purchase Price : 480k
Taxes $9k
HOA : $750
Remodel : 55k
Deal: I had initially submitted couple of offers at 403k & 436k which was shot down. The seller states he wouldn’t look at anything below 475k
According to BP calculators i can make a profit of 28k if I buy it at 480k which is basically my entire year’s which is what i am paying in the rent in the same bldg. I am in the process of submitting another offer for which i want your advice if it is doable or a bad bad deal.
I plan to submit the following.
Offer price at $476,750 with seller paying for 100% of the closing costs and seller carry 10% for up to 5 years at 7% interest rate
What do you guys this of this ? I feel he wouldn’t accept the seller carry. Is there anyother creative structure i could present ?