Just got a deal in escrow

[Robert Adams]

I have a short sale in escrow in Henderson NV. Contract price of $161k. There are no exact comps that have sold recently in the area. So going off of other similar SFR in the area I believe I can resell it around $210 to $215k. It needs about $10k in rehab to make this 3 bed 2 bath a nicely upgraded home with granite counters, stainless steal appliances, wood floors, new landscaping, etc. It is located next to some of the highest ranked schools in Henderson and the area has lots of parks, shopping, etc. Long story short this is going to be a great owner occupied buyer home for a small family especially good for a family with kids due to the schools and parks in the area (I figure since the investors are beginning to pull out it is better to target my future buyer as an owner occ).

Another option for this home is to downsize and have it as a home for my family here in Henderson and pick up a second home back east in Massachusetts. As I have a lot of family all around Boston, MA and plan to get my R.E. Broker license in MA in November. I also plan to keep my R.E. Team in Las Vegas going full speed so I plan to go back and forth quite a bit in the next few years. (Maybe some MA people can chime in here and let me know your thoughts on buying in MA within the next 6 months as well. Mainly, looking at the Mansfield and North Attleboro areas $400k range.)

Granted I still have to wait for the bank to send lender approval at the $161k but I am hoping they will not raise the price as they already approved it at $161k for a previous buyer. If I could close on this deal for this price today I would be all over it. Depending on how soon the approval comes back I am in debate as to whether this deal has a big enough profit margin to sustain any softening of the market between now and the time I get lender approval, complete rehab, and close on the selling side. As of 2 days ago inventory was up to 7800 from 3000 in April. I have also seen a spike in NOD's. This spike will only add the the growing inventory. The market is definitely softening but to what degree and for how long is debatable and causes me concern with buying right now.

So far I am going through with it but it will be interesting to see how the market plays out in my time line. As always, I am interested to hear other fellow investors opinions and input on the matter.