Thoughts on my first rehab?

[Danny O'Bannon]

I started out as a wholesaler in February and have since done 5 deals. I got an offer accepted recently and I figure it would be a good first rehab for me since its only cosmetic. Here are the numbers:

Purchase price: 65k plus I pay buyer closing :/

Repairs: 7k

ARV: 110k

Hard money loan will finance the entire purchase at 3 points and 11% interest. The points are going to be rolled to the back end but I will have to pay closing costs and repair cost out of pocket. Based on these numbers I'm seeing about 17k in profit assuming 6 months from close to close.

I'm waiting on CMA back from my agent to see if ARV could potentially be higher if I add a bathroom downstairs and or make the down stairs egress since its currently a non egress bedroom. So as it sits its a 3/1 with one bedroom non egress.

What do you think about the numbers and also what is your experience with making a downstairs bedroom egress to increase value