Is this a deal? Buy and Hold

[Brandon Kingsbury]

I've focused on the short term fix and flip and have done a few deals. Looking at a long term deal and wanted to get some feedback on whether this is a deal or not from people who have more knowledge and experience in that field.

Details:

ARV: $530k (conservative, top of the market $570k)

Acquisition: $500k

Condition: Prior rental, No major issues (roof, AC ,etc), paint & flooring need replacing, misc handyman fixes. (handyman bid pending)

Avg rent: $2,400-$2,500

Seller has a mortgage payoff of $41,000 and wants an additional $200,000. Will carry a 2nd note on the remainder for up to 5 years, no terms.

[Ned Carey]

@Brandon Kingsbury It is not quite clear to me what you are trying to do here. Are you buying it for $500K total. Or are you buying it for $241k.  At $500k I would not be the least bit interested. (Of course I might be if I better understood the California market)