Advice on this
Hello BP:
New guy here working numbers and information on a few things but have one I found today that I could use some advice on.
Property Info:
2Bed/1B
927sqft (it looks a lot bigger in pictures and drive by??)
garage
.26 acre
2014 tax assessment = $154,000
Close to two major highways (actually land abuts major highway)
Zillow Zestimate: $154,000 (which is exact with tax assessment)
*******************.com: $227,576
appraisal.com: $200,352 - $271,064
Properties on that same road and next street over are all showing in the high $300,000 values (according to the web) ranging in size.
I don't have MLS access as of yet so that's why all the numbers from the web.
Looks like they listed thee property 8/2013 and removed listing 1/2014 asking $130,000
It does have photos listed on the above sites and shows a flooded basement and the potential for updating. I would guess on the high side of $30,000
It is vacant and the owners are in town.They purchased this property via tax lien/sale/foreclosure for about $5000 (<---yup that's right)
I would like to get in touch with them for more info on what their plans are but since they did list it I believe they are looking to sell. Not sure if they are "motivated" or not though.
If I go with the $130,000 they were asking here is what i think.
130,000
x .70
= 91,000
- 30,000 in repairs
= 61,000 - offer
OR would you go lower since they only paid $5000 in 2011 I would be wholesaling or assigning it so there may be a fee in there somewhere as well. I believe this to be a desirable Central MA location.
????
Any advice would be great!!
Thanks in advance!!!