Deal or no Deal for Multi-Family

[Julio Valdez]

Hello BP,

Newbie here….

Would like your opinion on this property that I am currently interested in

Property Details:

• Asking: 190,000
• Foreclosure (I think is listed for sale by the lender)
• 3400 square feet
• ARV: 215,000
• Major work needed (Every room requires MAJOR rehab)
• 3 unit triplex
• 2 units on the 1st floor with 1 bedroom each.
• 2nd floor has 3 bedrooms with a 3rd floor access that is great for storage or studio
• My thoughts: 3rd floor could be converted into a standalone studio with back of house access.

I am confused about the asking price… it seems to be high for the condition in which the house is in. In my opinion this house will require to be gutted and rehab with brand new everything.. Does not look like anything could be salvaged…

What do you guys make of this…

Thank you in advance