Multi Family House in Brooklyn for $1,300,000 - Give an offer?
Question from a newbie in NYC -
My partner and I are starting in the New York City market and are looking for some wholesale deals. We came across this property and we would love hear some feedback.
It's a multi family (we saw the place, it's a two family house but can be converted to three) - 9 beds, 3 baths, 4,040 SF, two car garage, good neighborhood.
I don't have experience with constructions but the house definitely needs some work, especially the basement.
The district zoning is R6, so maybe there is a possibility to build up.
The asking price is $1,300,000 and it was last sold in May 2014 for $900,000.
Looks like another investor who is trying to wholesale.
It was a bit hard to come up with the comps but it looks like the house can be sold ARV for about $1,400,000.
My partner and I don't have the experience with rehab the place (unless we team up with a rehabber) but we are considering to give them an offer of $950,000 and try to wholesale if we get it.
Any feedback will be greatly appreciated, thank you!