Need second set of eyes with a rehab deal
Wholesaler passed along a potential deal:
Purchase price: $135K, estimated rehab $35K, will be using HML to fund 70% of the deal, two comps sold in May '20 the street behind the property, they were not rehabbed. The comps justify a $225K ARV. The location is right next to a massive new downtown development in a currently being gentrified location. Would make for either a good flip or an even better cash-out refi to hold as land value increases.
Thoughts on the deal and initial numbers?