Isn't this a deal? Help!

[Marjorie Lauran Bonaparte]

Hey BP community! I need your help. We locked up a seller-financed deal last week. Got a ton of attention but only a few offers. I've only marketed on FB groups (hitting Insta, Twitter & Craigslist tomorrow).
It's a heavy rehab project, 3/1, $47k down (neg), seller holding note at $1k/mo for 3 years (neg). Repairs approx. $50k. Can rent at $2500 upwards when completed. Purchase price $240k (neg). ARV/Comps upwards of $325k.

This should be flying off the shelf! What am I missing? All comments are appreciated!

[Rick Pozos]

You said you are buying for $240k and ARV is $325k?? But then it needs repairs also of 50k+?? I would have to say that is NOT a deal. It sounds pretty close to retail price.

After you have closing costs to buy and then sell, that is going to add about 10k to the cost. Holding costs are going to be about 10k also for interest, taxes, insurance, electric, water, etc. So at 240 + 10 + 10 = 260 + repairs50k = 310k. So that leaves 15k IF everything goes perfect. If you have been doing this quite a while, it might not be too bad. If this is your first or second deal, I guarantee rehab will go WAY over budget.