Great Cash Flow Deal I Can't Buy

[Chris Adams]

I have an inside track on a property that I am unable to buy. Im just involved in other deals and I can't pull this one off.

The house is a 3/2 ranch w a garage, around 1600sf. on the market at 59k. Im 100% certain that the house can be bought at 37k. Its in what I would call ok condition, can be rented out with just a bit of work, paint, carpet in bedrooms, 1 window, and some misc work, 6k max.

I have been watching this house for a while, it came on the market at 75k, at which time i did my numbers and put a value on the house of $40k.

This house has little to know long term appreciation because of its location on a busy road, and the neighboring properties. But because of its location it will be a fantastic rental, with high exposure. I own a property in a similar although different location, and I get 100 calls a week when I put out a sign.

My preliminary numbers project a $300/month positive cash flow with 100% financing. So lets say $275 just to be conservative.

I don't wholesale, and I don't want to. I called 1 family member, but he can't pull it off. This house doesn't fit my normal criteria for buy & hold, but with the price and cash flow its mighty attractive.

Seems a shame to let this one flounder around out there. Any suggestions on what to do with this info? I hate to turn my back on this, maybe some local BPer is interested. Again Im not a wholesaler!!!