First Deal for a flip
Hi BP. I am excited to put an offer in on a possible flip and wanted to post here in case i'm missing something. here are the basics:
2 story home on a slab. 3 bed, 2.5 bath. pretty good condition, desirable suburban area near Indianapolis, built in '92 just under 2000 sq ft. List price recently dropped to $97,700.
ARV= $150,000. good comp nearby just sold for 149,900 and is 100 sq ft smaller.
70% rule means 105,000 minus estimated 9,000 repair costs= 96,000 purchase price with not much wiggle room.
I am submitting an offer for 85k to see if we can meet in the low 90's.
Thoughts?