Advice for a fix/flip in Brooklyn NY
Hi everyone. I would appreciate if anyone can help me with the numbers on my first property, to see if I'm off or on the right track.
Purchase price 850,000
Closing & holding cost 65,000
Rehab estimated 400,000-450,000
ARV conservative 1,500,000
3 houses next door was sold for 1,700,000
Estimated profit conservative 185,000
Estimated profit in best case 335,000
Estimated profit in worst case 135,000
It has also a negative that I don't have another exit plan accept selling.
Can anyone please advise if it's something worth looking at? And if not please let me know for what purchase price you believe it would work, since I'm still in middle of negotiating.
I appreciate your help
Chaim