My 2nd deal is a flip - how are my numbers?

My 2nd deal is a flip - how are my numbers?

Rental Property Investor · NW, PA · Member since 2014 · 174 posts · 39 votes

$17500 purchase price (cash)

$35-45k ARV

Could use paint, laminate floor in the kitchen and bathroom, a stair needs to be fixed, and some of the carpet is old, but certainly not nasty.  Smoke free.  Appliances included.  Bones are very good.

Closing costs are going to be approx. $500 on each side.

Holding expenses per month will be about $415

I utilized the BP calculator and if I hold it for 6 months $7-10k profit is within reason.  

My question is, would it be worth my while to try and sell within 30 days and without any of the rehabbing for $30k?

Thanks in advance!

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  • Investor · Tampa, FL · Member since 2014 · 104 posts · 32 votes
    11y

    @Justin C. what is your estimate on repairs?

  • Flipper/Rehabber · Portland, OR · Member since 2014 · 119 posts · 121 votes
    11y
    Have you gone through the property and created a fully outlined scope of work as well as a detailed line-item by line-item budget that clearly defines each task that is to be done? If so, have you inputted into your budge actual estimates from contractors?
  • Rental Property Investor · NW, PA · Member since 2014 · 174 posts · 39 votes
    11y

    yes, approx. $4-5k in cosmetic repairs are needed.

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