Case Study - Newbies/Oldies, What would you do?

[Rocky V.]

Here is one of my own deals for those looking at getting started. I just closed this one out last week.

Case Study –

Received a motivated seller lead from Facebook. Property details:1600 sqft, 3 beds, 2 baths, 2 car garage, 1974 built, corner lot. Rehab needed for rental – need to finish previous work started by owner, finish tile countertops, finish trim, install flooring in 3 bedrooms and kitchen, replace broken glass on 1 window, paint interior, install new door to closet, paint exterior, repair exterior wood rot, install new dishwasher, install new oven, install new microwave, clean/clean/clean (pets urinated throughout home). Estimate based on pics $8K

Property is located about 8 hrs from where I live but is located in same area as my parents. My father is a master plumber and very handy, I can utilize his service to GC project.

Numbers:

Amount Owed - $66K

“As-is” Value - $70K

ARV - $85-90K

Payments - $668 PITI

Market Rent - $1K

Owner owes approximately $56K on first and $10K on second. 30 Year Note with a maturity date of 2035. Here are pics of home.

WHAT WOULD YOU DO?