Found a great deal, but would like advice before I proceed.
Hello all,
I found a house in my area that is on sale for around $90K but likely will see bidding go up. The comps average around $150K for these houses in the subdivision. The house is a 3 bed 2.5 bath and 1800 square feet. The bedrooms would need new carpet, living room and hallway to have new laminate floor, a new double vanity and paint the entire house. Additionally it would need to have water damage from what I assume was a busted water line in the laundry (I am a Plumber and it seemed alright, but no way to tell until water is on). Its about 2 sheets of sheetrock and install roughly 50 feet of molding that was damaged and is all. Also I would likely install granite as some of the houses in the neighborhood have that and the current one is in need of repair otherwise.
My question is what would a savvy investor pay for a house with these replacement problems for a flip. The median cost of a house around my area is around $90-110K. My wife is a realtor and I have read a lot but this is the first deal that beats the 70% rule.
Thanks in advanced!