[Calc Review] Help me analyze this deal for hard money to do the buy and flip or BRRR

[Kristen Franks]

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New to investing an have limited cash 5k-10k to get started. I am looking at this flip in a small suburb east of Indianapolis. It is listed as 2 bed 1 bath, but has 1396 sq ft and is on Zillow listed at 140K, but been on the market 98 days so I would plan to go in low. I am thinking of using the bonus room in the listing as another bed/bath or possibly making the attached garage into a primary with en suite. It sits on an acre so plenty of room to build a garage if that fits the neighborhood profile. I would need hard money to purchase and rehab and then could either sell at the ARV $340K conservatively, or rent and BRRR once it has a year of rental history to get a DSCR. I wonder if I could just go straight to a DSCR since it has already been a rental and this would also mean not as big of a rehab to get rent ready. I ultimately plan to have a large buy and hold portfolio, but need some flips or BRRR to build capitol to keep the first few deals going. How do I find lenders to begin this conversation? Without a contract will a hard money lender even discuss options?

[Jaron Walling]

@Kristen Franks What neighborhood is this located? I lived on the east side for 6 years and know the areas. 

It's unlikely the ARV is that high unless it's very near east side and a total gut remodel. Removing the garage can actually hurt your ARV in some cases because Indy is very car centric.