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Updated over 2 years ago, 08/19/2022

User Stats

23
Posts
5
Votes
Kevin Olson
  • Rental Property Investor
  • Lady Lake, FL
5
Votes |
23
Posts

Investment Property I am considering purchasing

Kevin Olson
  • Rental Property Investor
  • Lady Lake, FL
Posted

Bigger Pockets,

I will get right into it. I have found a nice 3/2 in Ocala Fl that is being listed for $135 a sq ft. The property is 1855 sq ft and is currently being sold AS IS. I have gotten an estimate on the cost of repairs which will be close to 15,000. I am working with a local agent but she is not 100% sure where the ARV will be. I have done my research looking at Comps, area, layout, etc. but I am still not sure if this will work. My goal is to remodel the house and list it for roughly $170 - $175 sq ft. I have taken a look at the Comps in the area and 2 weeks ago a similar house sold for $189 sq ft. When I say similar I mean, layout, Sq ft, etc. Of course, this house is much nicer than the one I am purchasing but once I am done with the remodel it will be very close to the same quality. Can you think of anything else I can look into to help me decide if I should purchase the property? The lot size is also comparable. We pulled a few comps with fewer sq ft that have sold in the last 90 days and the average is still between 170 - 189. But when I ask my realtor where she thinks she can sell this house for, she does not give me an answer. She says the market is starting to go down. This community has helped me in the past and I hope you can again. Any advice or counsel would be much appreciated. I look forward to your reply.

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