How much ? What is the county tax valuation and neighborhood for comps? Sounds ok if the price is right and all. Phil
It’s A little over 14,000 and I am waiting for the realtor to get back with me on comps
@Cheree Harris I buy all over Oklahoma, and own other rentals near Bartlesville. Send me the details, and depending on repair needs, I may be interested.
I pretty much buy SFRs priced below 65% ARV minus repairs or below 50x monthly rent minus repairs and anywhere within the following:
- Within 25 miles radius around OKC Metro
- Almost anywhere in NE Oklahoma
- North and East of OKC along I-35 and east to Arkansas state line, along I-40 and north to Kansas state line.
And will look at Multi-Units (below 50X monthly rents), Commercial Properties, or Acreage ANYWHERE in Oklahoma or Surrounding States.
@Jeff Filali I’m waiting on a realtor in Bartlesville to get back with me on the comps today. As soon as I get those numbers I will have a good idea whether this is going to work and will let you know.
All I need is the address and repair needs cost. I don't depend on others for comps.
@Jeff Filali the address is 1503 Oak, Bartlesville, OK. With all of the work that needs to be done, looking at between $10-15k to make it look decent. He says its valued at $15k and will only take $5k to repair and rent out but I beg to differ. I made an offer of less than he is asking and he refused. He is asking $10k firm. No owner carry.
@Phil Hartten the owner is asking $10k firm. Cost of repairs is anywhere between $10-15k and this includes replacing some pretty heavily damaged aluminum windows.
@Cheree Harris At $10K plus $2500 in closing plus even $10K in repairs, that's $22,500. The Windows alone would probably be $3K-5K. Add in paint (in/out) and new flooring, which I do both on every property I buy before renting them, that's at least another $5K. Plus we all know there's probably other needed repairs. If it was a 3Bed maybe, but being a small 672 sq ft 2 Bedroom, there's no way. The most I'd consider would be around $7K tops and I'd have to send my GC to confirm repairs first.
@Jeff Filali I totally agree. I made an offer of $5k and he turned it down stating that he was firm on his price and the house is work $15k. Comps in the area close to that size are between $1400 and $10k.
@Cheree Harris @Jeff Filali Working in Bartlesville and driving past the property. It's pretty rough. the westside of town is also pretty rough. You both are on the right path for offering/suggesting less than $10K.
County Records show it is 672 sq. ft.
Best of Luck with the process and let me know if I can be of service!!
@Donnie Martens thank you! Are you an investor? I may have two other potentials. Waiting on one to call me back after initial inquiry and one just called and left a message today.
@Cheree Harris , I'm not an active investor. I'm working hard to get a few line items straightened out!! Again if you need any boots of the ground in the Bartlesville or Owaso area. Please let me know and I'll be happy to help!!
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