Updated about 5 years ago on . Most recent reply
are investors still buying in Jacksonville, FL? or anywhere?
i got a deal which i thought was a homerun. ARV 200k+, Repairs only 25k, and asking 121k. so far i have gotten crickets. Are people not buying because of COVID? should i pack up and hibernate my business until this is all over? anybody having a similar issue?
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A very conservative estimate at this price point is if you can buy at 50% ARV, you are in a good place. This includes transaction costs and a tidy profit. This assumes updating all they systems, roof electric plumbing and A/C. If it is largely cosmetic, then it will probably be less, if it was a house fire or has foundation issues, it could go higher.
The transaction costs eat up a lot as well. 6% commissions plus the states piece of the pie 13-15k on 200k.