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Updated over 8 years ago on . Most recent reply
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Would You Buy This Deal in Southern CA
WOULD YOU BUY THIS DEAL?
4br/3ba SFR
1900+ sqft
Lot: 6,655 sqft
Built: 1988
Location: Palmdale, CA (Far East side, Think 50th and Ave R) - 60mi Northeast of LA
Needs $50K renovations (big ticket items - Kitchen: refinish cabinets (not replace), stone counters, tile backsplash, faucets, appliances, tile flooring, recessed lighting - Master Bath: Stone (or less expensive alternative) counters, recessed lighting, new double mirrors, double faucets, glass shower enclosure, new tub, new toilet, tile flooring, replace broken windows - Back Patio: Refresh and replace all rotted wood on patio cover; paint) -- Main level: laminate wood flooring -- Upper level: Carpet throughout) - Roof Good, Plumbing good, HW Heater may need to be replaced, HVAC will need inspection and cleaning. Most importatly, in this area, the AC works (100+ degrees in summer).
Seller owns outright - pending title search for liens and such
ARV: $250,000
Could Rent for $1800+/mo
Purchase Price Option 1: All Cash - $125,000
Purchase Price Option 2: Owner Financed - $150,000; 10% Down; Balance financed at 6%/mo for max 6 months; 6mo Balloon
Purchase Price Option 3: Owner Financed - $162,500: 0% Down; Balance financed at 6%/mo for max 6 months; 6mo Balloon
WOULD YOU BUY THIS DEAL IN ANY OF THESE SCENARIOS? If not...why?