Rehab and reselling (part of BRRRR)

[Sonya Hansell]

Hi friends

I need your advice.  This is my first deal and not sure what to do now.  

I bought a property in Indianapolis in Jan for $30k cash.  It's a 3/2 1500 sf and 2 car garage.  It will rent for $725.  It needs approx $5100. to be turnkey (this does not incl appliances).  Comps in the area are $56k.

Here are some of the annual numbers:

Taxes:  $728

Ins:  $750

PM: 10%

I've had costs with the property this year.  It was vandalized last month so this had to be repaired.  The grass must be mowed, insurance cost and a tree branch fell on the garage from a recent storm.

It's going to take every penny that I have to get it turnkey.  But is this a no-brainer?

If I try to sell it, I won't get my return.

My thoughts are to do the rehab, get a tenant and then resell as soon as possible.  Time is going to be an important factor here, because I am currently renting an apt and the lease is up on Oct 31.

Thanks.

Sonya