Deal Analysis - West Philly

[Mijin Kim]

Hello, 

I pulled a trigger - somewhat impulsively -  last night at a meetup to make a purchase offer on a deal. I made a $2000 deposit on the spot. I think it's a classic, not too exciting but small and consistent buy-hold cashflow deal. Because it's my very first rental property to purchase, i am pretty nervous and would love to get some inputs from those of you with more experience and insights. 

So the property is a single family house in a C neighborhood in West Philadelphia presented by a wholesaler. 

3 beds/ 1 bath

990 sqft

Year built: 1926

Annual Taxes 308

ARV : 90-110k (I think it should be around 65k)

Rehab:  If 6k (needs new roof) --> rent: $800

If 23k (new bathroom, etc.) --> rent : $1000-1200

Asking :44k

Above are the estimates provided by the wholesaler. I will probably spend $10k for basic rehab for roof and painting. I also think his ARV was too high. Going very conservatively I like to think it's rather around 65k.

Any inputs you might have would be really appreciated. Thanks so much

[Max T.]

I've never seen a good deal from a wholesaler in Philly. 

West Philly can be really rough in some areas.

What is your tenant class like?

You could have a deal here but I'd be verrry skeptical. 

Good luck with your inspections.