So I am new to real estate and have been trying to get my feet wet. In my area their are not to many deals for a fix and flip. But i have stumbled upon a townhouse that is in foreclosure. But i am really not sure how much to offer. What i do know though is the bank is asking to much. That bank has it listed for 195,000 they were asking 235,000. All fixed up this place will sell for around 235,000. The list of repairs this place needs is pretty huge ill go threw the list. Also i have a ton of pictures of the place that i will link also.
-Roof - roof has a leak -Tons of water damage - mold is horrible in the basement- Walls are all beat up with holes everywhere( looks like their was a royal rumble in the house) - Kitchen ceiling is cut open- bathroom shower wall is ripped open and ceiling of shower is cracking- windows are leaking - kitchen floor is buckled up from water damage- Both upper and lower deck are in horrible condition( i was honestly afraid to walk on it) - Outside molding around windows is cracked and damaged- all outside lights are broken- carpets every single one is ruined- Bathroom sink is shot- Kitchen cabinets all have water damage- And again ill say their is a big mold problem so i have no idea how much that will cost.
The condo has 6 rooms , 2 bed rooms , 2 full baths , 1 half bath 1280 sq ft. Its a end unit with a nice view of a pond and has tennis courts ect. It has a heat pump( that i have no idea if it works or not power is off). At least no septic or well its all sewer and city water. The association fee is 200 a month and the taxes are 5,750 a year. Any help with a offer would be very appreciated.
thats the link for all the photos of the condo. thanks again!
You have an idea about the ARV. Next, you need to get information about the cost of repair. It sounds to me like the cost will be $30,000 or more.
I would suggest that you find a property that needs less repair as your first project.
What ever you decide to do I wish you good luck.
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