First Potential BRRR Property?

[Richard Delbeau]

Good morning, 

I recently put in my first bid towards my first potential investment property in Miami Florida.

The property is a 2/2 condo listed at 1100 SF. My bid was beat and it is currently set at $103,500. So far comps in the area sold for $110,000.  

The property does need work and I was able to get my neighbor, who's a general contractor, to come with me and access the property. So far he estimated $15,000 worth of work on the mid to extreme side. 

I'm just tossing this out here as my first step out of my comfort zone. Ideas, opinions, options, and analysis' are welcome. 

Thanks,

[Carson Wilcox]

so... 

in order for BRRR to work, you have to buy it at a price, low enough that after the work, it is worth enough that you can finance your CASH back out, with a bank being willing to refi it to 75%

Where is the margin if you are at 104 plus 15k in rehab on a property that has comps at 110? Let alone that it has to rent for enough to cover your PITI, vacancy etc etc...