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Updated over 7 years ago on . Most recent reply
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Help on deal analysis
Hey, guys hope everyone is having a good day. I need some help on an off-market deal I got from a bandit sign.
The home is a 6bd 2.5ba at about 2000sqft.
Gross rents are $500 per room so $3000.
Overall the home is in good condition and just needs a few grand of work.
The guy bought the home and did a lot of work in '12. It was rehabbed then and the basement was also redone and he added 2 legal bedrooms down there.
So the issues I'm having is how the heck do I comp this type of property? I am looking to wholesale it so would a potential landlord want to rent it out per room? The other issues I can see is the fact that he has just a verbal month to month lease. No background checks or anything.
With a bit of work getting the people leased up and such this thing could cashflow really well! Just need some input.
Thanks, BP peeps