Thoughts on possible first deal?

[Joan Garcia Hernandez]

I am looking at getting my first deal and have come across something that might work, but I am looking for thoughts and advice.

The property is a 2Bd 1 Bth, close to the town center. House is listed at $69,900. It will need repairs, but a conservative ARV is around $120K. I am considering it a rental that can rent for $1000 a month. After expenses, it would have a monthly cash flow of around $215-230. The down payment would be between $14,000 and $17,000, depending on whether I go conventional or DSCR. Repairs I am estimating to be in the $ 10-20K area, so the total cash needed would be $24,000 to $35,000. The ROI after a year would be around 7.25%, using extreme numbers.

My exit strategies consist of keeping it a rental, flipping, or refinancing the property. 

 The property has been sitting for 90 days, so I would try to negotiate the price. However, I would also have to figure out why it has been sitting for almost three months. The price has already been cut down twice from $79,000 to $74,000 to its current price. 

I will also need to look for partners for the cash required, but I wanted to get some feedback before going any further. 

Thank you. 

[Jaron Walling]

"The property has been sitting for 90 days" - and boom goes the dynamite. Find/buy/create a solution to this problem. Good properties in good locations (C+/B class) DO NOT sit on market for 90 days.

Outside of a poor location (doesn't appear that way) something is wrong with this property, it's a layout issue, title issue, or market rents don't support the calculations. The rehab budget could explode if you don't find the surprises under this deal. Figure that out then make an offer if you still like the property. If not just walk, learn, and go after the next opportunity. Let another investor tackle the challenge. Stay in your lane. Buy more challenges (distressed property?) as you gain more experience and contractor support.