Hello all, relatively newbie here! We've been out of real estate for a few years, looking to get back in. As part of our re-learning quest, we're trying to dust off some cobwebs and brush up on the math skills. We have an example flip property around the corner from our house that is going up for auction and are looking to see how our math looks. Here it is:
auction.com is showing $463K (no idea how they get an auction list price though). I'm assuming ARV is $505K. We did a walk-around of the property. Built in 2005. New paint/carpet/HVAC, but needs a roof, kitchen counters, floor, a deck, and probably bathroom freshening. Assuming $30K in rehab, using the 70% calculator I'm showing a purchase price of $323K. I know I'm ignoring the financing side of the deal, but what other numbers do you like to see/use to evaluate a flip deal. We plan on attending the auction at the courthouse in 2 weeks to see what happens. Any advice/critiques are appreciated, thanks!
What are the preferred methods of online lein searching? The Virginia state site I located (https://www.scc.virginia.gov/clk/uccsrch.aspx) searches by name, not address. The county site has a $240 fee for remote access, so I suppose I should go to the courthouse and search for free?
No plans on bidding on the property; we just want to run through the motions to educate ourselves. Thanks.