Interesting deal, any opinions?
I'm getting ready to get a property under contract, it's a 12-unit run down, beat up...basically a complete rehab top to bottom.
Here's the story:
In 2005 it was sold for $320,000 then in 2011 for $85,000 for some reason (I'm thinking the neighborhood) the owner of the property in 2011 listed it at 50k and it sold in 2014 a few months later it was sold again for 23k.
The current owner is very open to negotiating price and even at 23k its well below every comp I've seen for the area-there are apartment buildings literally on the same street that have sold for around $135,000 is there something I'm not seeing?
My options(?):
Due to the condition I beleive this would be a job for a very experienced rehabber. So of course my first option is assigning the contract*
Should I assign this contract over to a builder in the area?
Take the project on myself
By the way the square footage is 9,536.
Current "zestimate" is $170,579