To purchase or not to purchase?

[Shauna Deal]

Hi all,

New investor here! I have a LTR rental that we own out right and want to purchase a fix and flip in Charleston SC. I have not completed a fix n flip, but have someone on the ground who can monitor contractors etc because I live in NC. I’d like to throw some numbers out and get advice. The app in bigger pockets doesn’t help because I am not familiar with terminology. (I know I’ve got to learn) Can someone help me decide if this is a good deal?

Townhome 158,000 asking price, 260 HOA, I would have to pay seller and buyer closing costs at least $12,000, wood floors would need to be sanded, new carpet in BR, HVAC might make it 1 more year, leak in both bathrooms around tub, which has made ceilings and walls in rooms messed up. Handyman special done on ceilings in a couple rooms but not sure what happened. The water damage concerns me and not knowing what the prices of contractors down there charge. Now rates have gone up. Do I stick with conventional loans or hard money? If we sold it after fixing. It would be in the $249,000 range. Thoughts? Advice? Thanks.