New to wholesaling. Is this a plausible deal?
Wholesaling a property in IL. I can get it under contract for $196K, the (as is) comps are selling for about $240. The property its self it pretty turnkey for a rental property, although 5-10K could make it look nicer (landscaping, repainting etc). The property is located a few blocks away from a downtown chicago suburb with a (Metra) train station that'll take you downtown.
The major complication is that it has tenants with 6 months left on the lease at $1500 that is managed by a professional property management company. Property management can be terminated, but lease cannot.
Is it realistic that an investor will buy it for $30K below market, with that lease in place?