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Updated almost 2 years ago,
- Rental Property Investor
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Are these good numbers
I have a property thats off market.
ARV $250k, Rehab est $40k, purchase price $128k.
When you look up the address, zillow shows the wrong location, but if you use the other websites you'll be fine. 210 Monroe St. N. Quincy Florida. I ran it through BP flip and wholesale, and it came in much higher than $128k, however I want to sell this quickly as it's my first one.
Recent property same size 1600sqft just sold for $220k, and this property I'm selling is the same size and has a large spare office that can be converted to 1 or 2 bedrooms to add value, plus the kitchen isn't to big, which can be enlarged for cheap as the market doesn't require brand new kitchen cabinets. All comps painted over old cabinets and sold.
There are 2 great comps for the property. both sold in last few months. one property same size 2/2 just sold for $220k, and the other sold $180k however it's half the size. The property I'm selling is a 2/2, with a large office that you can turn into 1 or 2 bedrooms. The kitchen can be enlarged and the market doesn't require new cabinets, the ones selling are painting over old cabinets and selling.
Rehab, I googled costs based from photos and from my experience in facilities management.
ARV 250k * 70% - 38k rehab = 137k.
I'm asking $128. I figured that be a great deal.