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Updated about 1 year ago on . Most recent reply

User Stats

78
Posts
28
Votes
Troy F.
  • Investor
  • Asbury, IA
28
Votes |
78
Posts

Help me analyze this deal

Troy F.
  • Investor
  • Asbury, IA
Posted

Hey BP,

I'm thinking about purchasing this deal as a live-in FLIP. I'd plan to own it about 18 to 24 months. The property is 4,296 sq ft. The write up sounds good but it needs a ton of work. Aside from the kitchen what isn't broken is out dated. It's on a 1 acre lot, private well and septic. As far as I know the well and septic are good but I will confirm with an inspection. It does have paid for solar so that keeps the utilities low. I'd like to live in the top half with my family of 3 kids and my wife. The top alone is 4 bedroom, 2 bath.  I would airbnb the bottom half as a two bedroom capable of sleeping 6. Located in eastern Iowa it isn't a high traffic area. The AirDNA estimator calculates a $16,000 annual net operating income. The Fix and Flip calculator calculates a $28,000 profit. This seems like a lot of work for a small payout. What am I missing? Is there more income here that I am overlooking?

Looking forward to your input.

Troy

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*This link comes directly from our calculators, based on information input by the member who posted.

  • Troy F.
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