Am I calculating my costs right?- Rehab
Here's the numbers for my flip I just picked up:
Purchase: $58,000
ARV: $118,000
Profit: $32,000
Does this look realistic. I am basing the rehab off the following cost with an Estimated hold time of 6 months:
Carrying cost: $4,930(Hard money loan at 11% & 3 points.)
Property Taxes: $708
Utilities: $1,200
Insurance: $600
Sale Closing Costs: $401
Excise tax: $21,000
Recording: $177
Warranty: $70
Deed of Trust: $70
Title Insurance: $625
Listing Agent Commission: $3,540
Buying Agent Commission: $0 (Off market deal)
Am I missing any important costs? I feel like my closing costs for the buying side isn't included in that. I am paying both buyer and seller closing cost. Assuming ARV and Rehab are accurate, can I really expect to make an estimated $32,000 on this deal or am I leaving out some other cost I will incur. This is my first rehab and I cant stop starring at my spreadsheet trying to make sure I am on point. Thanks in advance.