Milwaukee Mid-Renovation Steal or Pass? Seller claims $25k LOSS in deal!

[Arturo V.]

From pictures the property appears to be 75% renovated. ARV should be around 45K and should be able to easily rent for $900

47XX N 30th St, California, Milwaukee, WI (PM for complete address)

Built ~1905

~1500 sq ft

3bed,2bath

Home has NEW Roof, Kitchen cabinets, sink, Stove, Refrigerator, Heating system, Water heater and 1 bathroom has new sink with vanity, toilet and shower the other has new toilet and sink with vanity also new exterior door. ALL Taxes, Code Violations and fines have been paid

Purchase price would be about $26k, Seller claims to have $50k into property. Is this a deal you would possibly pursue?

[Curtis Bidwell]

In reality, it doesn't matter what the owner spent. It only matters what the ARV is and how much it costs to get there. Make sure you get thorough inspections done so you know the true condition and can plan accordingly.

From a financial standpoint, spending $26-32k for a $900/mo income sounds awesome compared to my neighborhoods! If the community is worth investing in I'd be all over it!