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Updated over 10 years ago,
Newbie Buying First Property SubjectTo
I need help seeing if this deal is profitable. I can obtain the property for approximately $13474. That figure bring takes it out of foreclosure status.The repairs are around $5-7K. The property has n nearly 50000 in equity and about 63000 remaining on the mortgage. The market value of the property according to Zillow is 100,000. The county tax appraised value of the home decline $17,000 from 2013 to 2014. The mortgage monthly note is about $895 and 7.0 interest rate. Rental rates in the area range from $1000-1200. This property is a rental that can generate about $150-$200 cash. There are numerous home in the area that are section 8 rental properties. Let me know if I should take the deal, wholesale flip (assigning it to another buyer) or take and flip sale it for full market value? Thanks in advance for your advice and willingness to help.