Indianapolis, IN · Member since 2016 · 10 posts · 2 votes
The end of February my mothers house on the westside of Indianapolis located in Guion Pointe housing addition (4400 block of Guion road) will be available for sale to an investor? There is decent equity in the house. The ARV is $115k-$125k (I haven't had comps done, but those numbers are close to accurate). The house is 1200 sq. ft., 3 bdrm, 2 full ba., 2 car garage. It needs new garage door (slightly damaged), paint, carpet, kitchen cabinets, refrigerator, furnance (stolen), washer and dryer. Simple rehab for investor, what is a fair asking price based on ARV? Should I do any of the rehab myself to get a better offer?
Covington, GA · Member since 2014 · 295 posts · 93 votes
9y
Hi Tim. The asking price should be based (at least somewhat) on the amount of rehab work that it will take to get the property in move-in condition. If you're using the ARV as a guide, perhaps take the ARV and subtract the estimated rehab work, then subtract estimated closing costs. This will give you a ballpark reference point to begin with. As for doing the rehab yourself, I guess it depends on your level of workmanship. If you have the background for rehab work, I don't see a problem with getting it done yourself and saving a few bucks, which would help your overall bottom line. Just my thoughts…good luck.