Need help analyzing this deal on multi-family home!

[Melissa Mendoza]

I found what I think is a GREAT deal in Queens, NY. It is an old, abandoned synagogue with a 4-car garage, small backyard, and rooftop deck. It is about 4500 sq ft. There are also 2/3 balconies attached to each floor/unit. The finished basement and 1st floor are open spaces right now with the potential to create 1-bedroom units. The third floor is 3-bed/2 full baths and the fourth floor is 2 bed/2 full bath. This area has a high demand for rentals. The 2-bed would be able to rent for about $2800 and the 1-beds can rent for $1800-$2000. Parking spaces are in high demand and can be rented for $250/month. Property needs a ton of work and also lacks a certificate of occupancy. I spoke to a contractor who estimates reno at 100-120K per unit. Asking price is 1.3mill which is way overpriced. Property is unlivable in its current state. There are 2-family homes on the same block on the market for 1.1-1.3 mill. There are single family homes, 5bed/3baths in the area that sold for 1.65mill in December. Seller is motivated! I’m thinking of offering 800K. Plus the 480K for rehab, I’m looking at spending about 1.3mill total on the property, with the ARV at approximately 1.7mill. What do you think? Is this a good deal? Thank you for your time! Melissa