Help with my Newbie scenario

[James Casella]

Hello All,

I am new to wholesaling and would like to explain a scenario of mine. I live in NY and bought my first residence almost 2 years ago. I noticed a house on my block hasn't had anyone in it the duration of my time in my home. The property is vacant,the grass grows as tall as me and I've seen a man cut the grass there twice in 2 years with a vehicle parked in the driveway with out of state plates. During further investigating I found online the homeowner matching the out of state plates to this person as well. I haven't never spoken to the owner yet but also researched and discovered the home was purchased last in 1987 for $135,000. Houses in the area fixed to the same sizing and room amounts are averaging in the high 300's to mid 400's. I'm hoping the house has a minimal if not no mortgage left on it. The house seems in decent condition from the outside and I have yet to see the inside. I understand I need to get comps of the ARV from similar properties and account for rehab costs plus the wholesale fee. My main concern is has anyone in the area changed their average rehab costs due to inflation of rehab materials? For example if the average price on a heavy rehab for a 2,000 sqft home is averaging 75K do these numbers still seem fair or should I account for more? I joined a local REIA and they have a place for me to submit deals so a buyers list is in place for anyone to see in the REIA. I just want to make sure I can give a fair yet realistic number in the rehab portion of the formula. Thanks for the help guys!