Extra Set of Eyes for My Deal ???

[Brittany Murray]

Hello everyone and thank you for taking the time to review my deal and give your professional opinion. ( I deal in rehab properties)

I found a condemned house in my area and researched it in the tax record online and found that it foreclosed and it is owned by the bank.

The asking price for the bank is $89,900 estimated through my research that the ARV is about $206,000 3bd 2ba house 1,964 sqft.

I contacted the selling agent who advised there is no foundational problems and the roof doesn't need to be replaced BUT there is a septic issue and the basement has flooded with feces. The basement has been converted into 4-6 rooms but are rumored to not be up to code and the stairwell needs to be widened. The electrical needs to be updated as well. The property is condemned but once the utilities are turned on it will no longer be considered condemned.

After doing my own calculations I made on offer of 55,000 cash which will be forwarded to the bank. I plan on doing a simultaneous close with my title company. Could I please have your opinion if I should've made a lower offer or keep on going with my original offer. Another investor made an offer for the price of the land only. Also I have a few buyers that I know will want to snatch this up because of the favorable spread. Thank you in advance.

Brittany