Does this sound like a good deal to BRRRR?

[Brad Franks]

I found a deal from an older investor that’s looking to retire. House is solid! Block wall construction, roof looks less than a year old, decent location.

Price negotiated to $33,000!

1282 sqft living plus carport, back porch that’s been closed in as a utility/laundry room. 1/4 lot.

Here’s the kicker! The outside is fantastic! Structure is fantastic! Everything else is terrible! It’s a complete gut job inside. I’m basically buying a shell. New HVAC, new electrical, new everything inside!

It’s important to note I’m a licensed contractor. So, I can permit and complete the work needed. My estimate on the high side would be 40,000. So, I’ll be all in at $73,000. I should be able to cash out the deal, and refinance when complete after 1 year. Rent should go for $1000 per month, or maybe more.

Does this sound like a good deal? I'd love to especially hear from anyone that has experience with BRRRR.