Fix & Flip Estimated Numbers

[Kiara Harewood]

Hi BP Peeps

I have ran some numbers on a home in my area. I am a beginner investor and I want to see if I am heading if the right direction. These numbers are on the low end, I think the ARV can be a lot higher. The comps list that I've received has a sold home that's down the street from the listing I'm looking at and their $/sq ft was $412. The other comp home was sold at $297/sq ft. I estimated the $/sq ft to be $305 (extremely low end). I am planning to go with a hard money lender given that my credit isn't the best. I'm thinking this home will need a new kitchen remodel, refinishing hardwood floors, bathroom remodel, and finish the basement. I think I am overestimating on repairs, but I would rather be safe than sorry. Any advice is greatly appreciated.

ARV: $434,320

Asking Price: $295000

Repairs: $71,000

Max # of holding days: 80

Monthly Holding Cost: $1512

Agent Commission: 3%

Happy Holidays!