Help me analyze this flip deal in West Salem
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
Nick