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Updated about 7 years ago,
Would you purchase this deal?
Hi Biggerpockets,
I need some help evaluating a deal. I currently live in the DC area and put in an offer on a property with the following details:
Listed Price: $235k
Estimated Value: $245k
Required Repairs: $7,500
Average Rents: $1750
My Offer: $190k w/ 10k Seller Assist
Estimated PITI: $1370 (I calculate my numbers at 5% down even though in actuality I'll be putting down 20% because it will be an investment property. At 20% PITI is: $1173). I use the 5% estimate because it allows me to stay conservative in my analysis.
I received a counter of $232k with $10k Seller Assist. If I accept, the estimated PITI @ 5% down is $1520 and $1340 with 20% down. My thought is with $10k seller assist, I really won't be paying any fees to acquire this property, though I will incur costs in fixing it up. Surely, I will counter, but if they won't budge, would you take this deal?