Need Advice for 7-room Multi-family

[Turner Wright]

Hello fellow investors! I have an opportunity to, either, wholesale a 7-room, 2-story 'building' or JV with someone renovating it and room-sharing it out. It can also make a great office for a law firm or other business. The problem is, I don't know if there is a market for such a building that needs a ton of work to wholesale, or if the rehab costs are more than the building is worth investing in.

Running comps is almost impossible for this building and in the area it is in, so determining an ARV is very difficult. Wholesale price will be no higher than $210k, but rehab cost estimates are $150k+, which is ALL IN for $360k+. What makes this investment perfect is the location and on-site parking for up to 5-7 vehicles, plus other great reasons. Rent in the area for 1b/1b is $750 to $950, so potential monthly rental income can be between $5,250 to $6,650.

My questions are: Is there a market for something like this in Houston? What is the best way to calculate an ARV for this investment? And, what type of JV agreements might work for this kind of deal? Thanks for your interest!