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Updated about 9 years ago,

User Stats

537
Posts
56
Votes
Chaim F.
  • Property Manager
  • Brooklyn, NY
56
Votes |
537
Posts

Advice for a fix/flip in Brooklyn NY

Chaim F.
  • Property Manager
  • Brooklyn, NY
Posted

Hi everyone. I would appreciate if anyone can help me with the numbers on my first property, to see if I'm off or on the right track.

Purchase price         850,000

Closing & holding cost    65,000

Rehab estimated      400,000-450,000

ARV conservative 1,500,000

3 houses next door was sold for 1,700,000

Estimated profit conservative 185,000

Estimated profit in best case   335,000

Estimated profit in worst case 135,000

 It has also a negative that I don't have another exit plan accept selling.

Can anyone please advise if it's something worth looking at? And if not please let me know for what purchase price you believe it would work, since I'm still in middle of negotiating.

I appreciate your help  

Chaim 

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