My first offer, help me analyze that deal!

[Rudy Brown]

Hello fellow BP'ers,

I submit to you my first, of many, potential offer! I've been perusing the MLS via Zillow, Redfin, Floridamoves for the past few weeks and I ran across this beauty. This property is currently under HomePath's first look program and won't be eligible for investor bidding until Thursday July 11th which gives me a little time to get my financing in order (portfolio or hard money). I met with a local realtor in the area for an initial walk through of the property today and snapped some pictures. My extremely untrained eye tells me that this property appears to be in okay condition but I won't know for sure until I have a walk through with a GC. Realistically, I don't plan on getting this property under contract as the competition in the Florida market has been ridiculously competitive full of cash buyers. However, I feel like this property would be a good potential candidate to submit an offer on and gain some invaluable experience.

Subject Property Asking Price: $77,500
ARV Estimate: $130,000 (conservative)
Rehab Estimate: YTBD
Holding Costs: YTBD

4/2 built in 1990
1400 sq feet

Without further ado, the pics:

Looks like I will be needing a roof and a tree trim. Definitely spruce up the landscaping as well.

Flooring in relatively good shape. I would gut the kitchen put in new cabinets/countertops

Huge living area

And the reason for the tarp I'm guessing. The hole is located in the ceiling of the master bathroom, right over the tub/shower combo. Looks like a leak but I need to figure out what is going on in there and how much the damage will cost to repair.

Comps are pretty strong in the area. All comps are 4/2's but built in the 50's (not 1990 like the subject property). Not to mention, there have been 3 to 4 flips in near proximity to the subject property in the past 6 months. I plan on scheduling a walk through with a GC in a couple days to help build my rehab budget. Also, I am currently working with a portfolio lender for pre approval. If that falls through, I will be seeking out a hard money lender with this deal. From there, I will calculate my holding costs. I would like to walk away with at least 10k minimum profit. What do you guys think so far? I know a major factor is that roof and finding out how extensive that damage is. Hopefully I can get the numbers ironed out by the middle of the week. I appreciate everyone's input. Is this house worth investigating further or should I run for the hills?? I don't want to be another analysis paralysis casualty! lol...Thanks in advance for your input!