Should I try to flip this house in the Portland area?
The house is located in Sherwood Oregon. We got our offer accepted on the house in February of this year on the short sale. Since then we bought another house in the Tigard area, but they are saying approval on the short sale is coming very soon. Below are the details:
4 bed-2bath-1742 sqft
Built in 1915
Updated kitchen and upstairs bathroom
Large 0.2 acre lot with detached garage.
We currently have the house under contract for $305,000 with all closing costs paid. The house will need a few things before selling: outside painted, carpet in 3 bedrooms upstairs, and some other minor things. The problem I am having is getting comparable properties within the area. The houses around the property are 400k plus, and much newer. At a minimum, I believe the house is worth around 350k and potentially upwards of 375k. The location of the property is great, but I am a little worried about the Portland market. I read somewhere that the terms of most short sales are that you can not flip the house within three months of closing. This would give us time to fix the things that need done before selling the house. Any feedback is greatly appreciated.