Deal Analysis Please Help!

[Jason Brooks]

Fellow Investors,

I have found a property that I think may be a phenomenal deal.

Here is the write up:

Here is your chance to buy your dream home on a dead end street waiting for you to finish it any way you want to! Still time to move walls and make rooms bigger or smaller. This home is looking for the right person to put in all the finishing touches! Roughed for 4 bedrooms, 2 bathrooms, family room w/ fireplace and access to the bonus room over the garage. Eat in kitchen with separate dining room. First floor laundry. Basement is partially insulated and has another fireplace.

Now this property is at the end of a dead end street in a very good neighborhood, on a half acre of land. 2100 sq. ft.

The issues I see are that it has private sewerage, but it was built in 1981 which is a plus. What makes my mouth water is I have run comps and I am seeing that even on the low end ($120 per sq. ft) this place is comping out at $250k very conservatively! If I use the average price per sq. ft. I come up with $141 per sq. ft.

The more realistic comps (based on a high end rehab) are more in the neighborhood of $141per sq. ft putting at almost 300k. They are asking 99,900 and this property has had a couple price reductions, so I am thinking I could get an accepted offer of 80-85K. Am I crazy or is this a deal all day? Here are the comps

Addr. Sale Price Date Sq. Ft. $Sq. ft Beds/Baths Built

37 Moreau Dr $201,500 06/20/2013 1372 $147 3 1.5 1968
63 Murphy Ln $184,000 05/24/2013 1562 $118 4 1.0 1965
70 Labelle Dr $210,000 05/02/2013 1550 $135 3 1.5 1978
69 Olko Cir $216,000 05/31/2013 1550 $139 3 2.0 1965
107 Moreau Dr $157,500 04/01/2013 1092 $144 3 1.0 1966
73 Mcdonald Dr $258,000 05/21/2013 1412 $183 3 2.0 1985
86 Sesame Dr $283,000 05/07/2013 1996 $142 3 2.5 1990
199 Cady St $135,000 05/31/2013 1260 $107 3 2.0 1950
31 Cady St $143,750 05/01/2013 1152 $125 4 1.0 1950
107 Coolidge $117,500 04/08/2013 768 $153 2 1.0 1956
135 Fuller St $345,000 03/15/2013 2236 $154 3 4.0 1997

It's completely framed out, and just needs to be buttoned up, landscaped, and high end kitchen/countertops/appliances would make this place a big money deal. By my remedial investigation, I don't see more than 60-70K in work here. Even at 100k all in that's still 60K+ in profit!

Tell me what I am missing? Is this a deal that would prompt an investor to be willing to JV with me? I am ready to get moving on my first flip, and like I keep saying the market is heating up in this area!

Please let me know your thoughts.