Foreclosure Flip - Are the margins too tight?
I’m interested in getting the communities input on a potential deal.
First of all, not completely inexperienced but relatively new to REI. A foreclosure I've been watching for just happened in my smalll neighborhood, hard numbers below.
The listing went active and there were multiple offers within the first three days. We were the highest and best.
The home needs a shower install completed, carpet in upstairs, massive wallpaper removal, total paint job, kitchen appliances, and small cosmetic updates throughout like door knobs, fixtures, backsplash in kitchen, possibly new vanity tops.
Foreclosed Amount: 184k
Bank List: 152k
Offer Accepted: 156k
Closing Costs: 3k - Financed Deal
Rehab: 15k (Conservative)
Holding: 4k (6 Months - Safe)
ARV: 210-220k (Conservative)
Hoping for a flat fee mls list with 3% to buyers agent.