First Investment Property advice

[Daniel Brundige]

First I want to thank you for reading, I am new to the investment market and the idea is exciting and terrifying at the same time.

A few facts:

Purchase Price: 325,000

Rental Income Estimate: $5250

Property details: 

This is a 3 door property:

1. 1/1(main building)

2. 3/2(main building)

3. 2/1(separate building)

Repair estimates to get all 3 properties up and running: $145,000 - $200,000

I do not have a ARV since its very unique there is not anything we can compare to but I am looking to get a third party appraisal.

Plan is to do a mortgage for the property with cash down payment. Open a HELOC for repair costs. Start collecting rent on the 2/1($1650 within 45 days from close).

So the question.. how do I tell if this is a good deal?  I am concerned with the major output for repairs but does that matter?

Thank you ahead of time.

[Caleb Brown]

Where are you pulling the HELOC from? ARV is a huge part of this equation. If you are spending 325K on buying and 200K on rehab all in you are at 525K, you'd ideally need the ARV into the 600/700K range to give cushion and room since I would assume you would do a refi at the end. Another thing is getting multiple bids on the work. 145K and 200K is a big difference. I would also have cash reserves if you do this, don't rely solely on a HELOC on the rehab.