Difficult finding investment property in Des Moines, IA
My wife and I are attempting to find a flip in Des Moines, IA to build capital for a buy and hold. We have made a few offers but have been unable to reach terms on any properties. We've been looking for about 6 weeks but have yet to find a viable option. Most of the properties we have looked at would let us basically break even if we close at the asking price. Since the seller has only moved a few thousand dollars on their price it hasn't left much for us with conservative estimates. Am I under-valuing properties, not looking in the right places, or do I just need to be more patient.
http://www.zillow.com/homes/for_sale/Des-Moines-IA...
Here was a recent one that we placed an offer on. ARV=145k, Rehab=35k, Closing Costs, Realtor Fees and Holding Fees=20k
We offered 80k and hoped to clear 10-15k. Does it seem like we are too far off on anything?