Another my first brrrr
I've been wholesaling in Baltimore for a while, and I have a property under contract that I'm interested in holding. It's not in a great neighborhood, 21215. It's a large duplex in a detached home (the whole building has 4 units, the duplex is half of the building).
I got it under contract for 57k, and had the contract sold for 75k, but buyer backed out. It actually got appraised for exactly 75k. Previously, the owner was renting it for 2500 (1100 downstairs in a 3/1 and 1400 upstairs in a 5/1).
The house does need 10-15k in work (new kitchen, paint, a little carpet, and a cleaning). My thought is that if I close on it for 57k, put 13k into it, I'll be all in for under 75k. Then I rent it out for maybe 2300, and I feel like at that point it should be worth at least 110-120k? At that point I refinance and hold it.
Thoughts?