Does this deal sound fishy?
Hello All,
Wanted to get some input on a deal that was passed my way at REIA meeting last night.....
I am running the numbers and things are just not making since, so wanted to get some input from the masses, something just seems off or odd....
Orlando FL.,
B to B+ area
4/2/2
built 1973
1400sq ft
149k
est: 40k rehab
ARV $249k
rents in area on 3's going for $1800-2250, no 4 beds under 2500sq ft in area to compare rent rates
I asked the agent if it was sinkhole home, because numbers sound like one.. but claims not, states the home is currently owned and lived in by investor, investor bought home in 2001 for 90k at auction, has lived in it since and never put any money into the home except kitchen with new appliances. Roof is possibly the original, a/c is dated from late 90's but works, and most of the house has bare concrete floors, owner pulled all old flooring and trim up to install flooring, did only the kitchen and never finished the rest of the house. The back of the home is completely overgrown, the owner installed above ground pool years ago, but yard is so overgrown you can only see the ladder of the pool from the back porch.
I plan on taking the 3ish hour drive out to the property tomorrow, but wanted to get some input on things, maybe yall can think of some reason the house is priced so low.