Seeking partnership fix and flip opportunity

[Ryan MacDonald]

Hello,

I am new to the REI realm and I have come across a fix and flip deal in New Braunfels, TX and I am seeking a partnership with a local investor who has done fix and flips before so that I can finally get my feet wet and learn the process. The home is FSBO and was inherited by the daughter of the previous homeowner. They are very motivated to sell it themselves before Thursday 11/12 as they have scheduled a realtor to put the place on the market. They once had it under contract from an all cash offer for $5K below their asking price but the older couple decided it was too large of a home for him and his wife so they did no move forward. Therefore, they seem very motivated to sell quickly.

Since I am new, I will try to provide some info and what I think the property is worth now and what the ARV would/could be, depending on finished done. Since this is my first potential deal, guidance on my accuracy or items I have missed would be greatly appreciated.

Asking price $225K (same as local appraised value)

Home 3/2 with extra large 2 car garage

2030 sq. ft.

Built in 1972 in a desirable neighborhood

fireplace with built-ins 

.34 acre lot

sprinkler system (hasn't been used in some time so will need a refresher)

covered back patio

Latest fixes

New roof - 2003

New A/C - 2003

replaced vinyl siding in 2001

new water heater - 2011

I now from looking at home values (as I am looking to move to this city in the next month) are around low $300-$350K.  There are actually 2 other dated homes currently on the market and the most comparable option to this home (completely original inside with no modern updates) is priced at $257K and was put under contract after being on the market around 10 days.

If you are interested, I have some images of the home to share as well.  The original home owner was an elderly lady who lived in the home for 30 years and kept everything original.  As I mentioned, I think this is a great deal for a fix and flip but I would need a partner before pulling the trigger.   If you are interested in this great opportunity, please let me know.

Thanks,

Ryan