Need advice on Potential Investment Deal
I'm looking at at SFH in Chicago thats listed at $125K. Its in decent shape and needs work but not foundation or anything major like that. I am not sure about the rehab costs but I will be very consverative and say its between 30-40K, mostly cosmetic. So thats about $170K in not including any other costs. My issue is that its a 5 bedroom and and I'm getting comps for 4 and 5 bed, but seems like all but one of the Sold properties recently has been a fixer upper or in bad shape. I am assuming the Appraiser will use these numbers for the sale price now, but for ARV - I only see one comp which is at 224K. I would be ok with that, but I'm wondering when it comes time to sell, how it would be appraised when there aren't many "nicer" homes to comp with. Anyone have experience with this?