My very first house under contract!
I think I finally have a winner after turning down the first 3 leads that came my way due to bad inspections and inability to agree to a low enough price with sellers.
This one is a house that still has to go through probate. Seller and her children received the home when her ex-husband passed away and she has power of attorney for her son.
804 sqr ft. built in 1942 on a 0.2 acre lot. Tax records indicate an appraised value of $41k. Lot is valued at $12k and improvements valued at $29k. Inspection turned up rather well, exterior is in ugly condition but interior was in much better shape than the exterior indicated. I estimate ~$25k in repairs to get this house to move-in ready. I got it under contract for $14k. Based on ARV comps in the area, it should be in the $70k to $80k range after repairs.
What price point should I market this home at to my buyer's list without being too greedy and leaving enough meat on the bones for my investors for repeat business?