BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 1 year ago,
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Need help estimating ARV for BRRRR
I recently posted about a property with lead citations and Im needing some help as Im struggling to make the numbers work. The address is 3119 W 68th Ave in 44102. Im in contract at 66K cash, my bid came in at 42K (which I think was really good). The following things would be done to the property. The citation is of course taken care of with these repairs.
I will replace the roof, windows (lower windows already vinyl), new vinyl siding (lower half already done), refinish kitchen cabinets and counter top and new white/black appliances, refinish/replace bathroom tubs, fix electrical and add GCFIs where needed, patch and pain entire interior, keep kitchen floors, replace remaining floors with LVP, carpet in all 6 bedrooms. Also taking care of some other minor things from the inspection.
Now my agent did a CRM but that was before deciding for vinyl and new roof. I also would like to get a second opinion here. Initially I thought around 130K but based on some other comps and the fact that almost everything will be new, Im hoping I could reach 140K+. Here are a few other comps for reference:
- https://www.trulia.com/p/oh/cl...
- https://www.trulia.com/p/oh/cl...
- https://www.trulia.com/p/oh/cl...
With around 8K closing and refi costs Id be all in around 116K. At 130K I could only pull out 91K meaning Id have about 25K still left in the deal. I get that I can't expect to pull everything out but 25K left sounds a little much to me.