Potential deal to BP Community, would like advice

[Vince Beusan]

I viewed a vacant distressed property going to auction, situated in a nice desirable neighborhood going to auction 3 days. It is a 3/2, 1400 sq ft.

I went to assess the repair cost estimates to get an idea of the improvements and work needed to wholesale to a Rehabber, or if it makes sense enough to hold and rehab then retail in 90 days.

The supporting comps show the ARV is $568,000; starting bid is $289,000

Option #1

Rehab to investor costs:

ARV $568,769.00

• -NIP (net investor profit @ 20%) $113,753.80

• -RCE (repair cost estimate) $40,000.00

• -RE Agent @ 3% $34,126.14

• -Holding Costs @ 4% $22,750.76

• -Closing costs @ 1.5% $17,063.07

• -My Assignment fee $ 5k-10,000

Maximum Allowable offer = $351,669.84 - $356,669.84

Profit $5,000-$10,000

Or

Option #2

Purchase and rehab myself

w/ 20% margin = $113,753.80 estimated profit

w/ 15% margin= $85,315.35 estimated profit

The property may be bid up beyond my Maximum Allowable Offer, but I'm getting out there to make it happen.

Part of me says wait for the next opportunity as this is not enough time.

What would you suggest?