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Updated over 6 years ago on . Most recent reply

User Stats

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Alexis Ankersen
  • Rental Property Investor
  • Fredericksburg, VA
0
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4
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Afraid to commit. Someone check my numbers?

Alexis Ankersen
  • Rental Property Investor
  • Fredericksburg, VA
Posted

Hi everyone! I think I found a deal! My confidence is like |-| that big though. I've been house hacking for a month now and I already want to buy my second property. For this one, I'm thinking flip would be valuable because housing in this area is stupid expensive. But I'd consider fixing it up and renting it out. I'm scared I didn't put in all the right numbers or I added a zero in the wrong place. So here's an outline of the numbers and if someone can let me know their thoughts, I'd really appreciate the help. 

SFH 3/1 on 1.5 acres.

Price: $125,000

Est repairs: $30,000 (potentially more)

Est ARV: $210,000 on the low end. Max $250k (comps are in the 260's but I'm conservative. Land value is crazy high around here so I'm a little optimistic though).

Historical rent value: $1,300 (I conservatively estimated $800/mo which is amazing for my area and the calculator suggested the property still cash-flowed).

Ann taxes: $1,317

I'm not sure if I missed a value so let me know what you all think! I'd love to hear about it if anyone thinks it's a good deal or even if you want to partner on it (if it's still available)!

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