Under contract -1st out of state deal, insight welcome - Thanks
Would like some advice on this deal - thank you in advance
SFH under contract for $106k (current owners purchased a year ago for $59k and did lipstick on a pig) - neighbourhood nice b /class neighbourhood - no crime
Inspection brought up a few things
Asbestos tiles in the basement, im told they are fine but I would prob want to epoxy over them to be safe though not needed I just dont want to have anyone at risk ($1500)
Roof will need to be replaced in the next 1-2 years ($8-9kish)
Garage door needs to be replaced ($700)
Stairs and driveway need to be addressed ($2k)
Had drain scoped needs to be cleaned out ($500)
AC is working but on the way out ($2k)
a few windows needs to be replaced and smaller stuff etc - looking around 15-20k out of pocket to get home up and running
Now all done up this home will appraise for $120-125k and rent for 1400 a month
however and I understand the sellers want to make some money (home was sitting on the market for awhile) but this is a pretty big list of big expenses and while I dont mind taking them on to be all in with zero meat on the bone from an equity standpoint seems not ideal as I will be locking around 40-45k up in the property.
Insight appreciated - thank you for getting this far