First BRRRR/Flip, looking for advice before pulling the trigger

[Vivan Bhalla]

Investment Info:

Multi-family 3bd 1ba duplex in 43205 Zipcode Columbus, OH

Asking price: $205,000
Renovation Cost: ~$15000

What made you interested in investing in this type of deal?

This is an off market deal, the other houses in the area are of the range 400,000$ for a similar 3bd 1ba duplex. The rent according to rentometer is expected to 1300$ each side and thus it exceeds the 1% rule. This property could help me build equity as well as cash flow.

How did you find this deal and how did you negotiate it?

I used an agent who got me this off market deal.

How will you finance this deal?

Thinking of going conventional with 3.5% down and doing the renovations. 

This is my first BRRRR and would need some advice from people who are in the market if this is a good deal or not and whether or not should I pull the trigger. It will be a great help if someone can guide me here. If there is any more information needed please let me know

Thanks

[Nicholas L.]

@Vivan Bhalla

i'm a little skeptical that your numbers are accurate - normally if you buy something off market at 50% ARV, it's going to need a significant rehab.

but i only have the information you posted...

are you qualified for financing already?

can you post the rehab costs that add up to just $15K?

is the ARV really in the 400s?

are you accounting for purchase, holding, rehab, refinance, and tenant placement costs?