Hey guys, I found a property in West Salem through a wholesaler and need help from some locals that would be able to advise if this is a good deal or not. Comparables and ARV have been difficult in figuring out since I am not familiar with the area.
Property is on Wallace Rd NW in Salem, zip 97304, right above SalemTowne Golf Club. House was built in 1979. Has 4 bedrooms, 2 bath. Offer is $157,500. Will need $50k of work done to inside and out to spruce it up. I was hoping an ARV of $250k was possible.
This will be my first flip and I am really nervous about pulling the trigger. The house is on the east side of the hill above Wallace Road and does not get a huge amount of daytime sun, especially with all of the tree growth around the house. There is some noise from Wallace Rd also. The house is up on a hill enough that there are some fantastic views towards the east, however. Once the flip is complete, I feel it will make an excellent family home. I love how close to wine country and the countryside it is. It is a country home in the city.
Anyone local that can advise on possible ARV? I have been all over zillow, redfin and the others, $250k seems like it is do-able. Is this a desirable area?
Thank you very much
I am a local Real estate investor who could help you out in Salem as I live in Keizer - which is North Salem area. It's really late right now, and I have a few appointments tomorrow until late afternoon, but I can get back to you around 3-5pm 5/12.
Feel free to email me via my profile in the meantime.
Regards, Peter Slivkoff
I'm an investor in the area and new to BP. Just wondering what you did with the property.