Wholesale OR 1st Rehab?

[Tiffany Hayes]

Wanting to make an offer on a property but not certain what to offer.

Preference is to wholesale.  If so, what should I place the property under contract for?

I am open to a rehab (although it will be my first).  Financing on a rehab would most likely be hard money.

The biggest issue is that I need to move quickly to get the home under contract, but am not certain what the cosmetic repairs would cost.  I have attached photos for reference.  The foundation repair estimate has already been done and is in the details below.

Property Type:  Single Family Residence

Beds/Baths/Living area: 3/3/3

Sq. Ft.:  2,417

Asking Price:  $160,000 ($66.20/sq. ft. approximately)

Foundation Repair Estimate: $15,000

Other Repairs/Upgrades:  ??? this is where I get fuzzy (it's mostly cosmetic)(see photos)

After Repair Value:  $240,000 ($100 sq. ft. approximately)

This home is located in a nice neighborhood in Dallas, TX.  Homes on the street are selling  between $220K and $270K.

Please see photos below.

Thanks in advance for your responses.

[John Hyatt]

Hi Tiffany, Looks like you need new flooring throughout the house. Shouldn't cost more than $3k, some cabinets and countertops in bathrooms could be upgraded for another $3k-5k depending on cabinets and countertop, paint throughout (you can save money if you do yourself) or pay someone to get done quick. Based on just the pictures out here with my contractor I would estimate $15k in repairs. If you need new roof or A/C I would add $12k-16k for both. The kitchen cabinets look really nice, I would keep. Not sure about foundation, my contractor has found simple solutions in the past and have never paid remotely close to $15k. That being said having foundation problems on a first flip may be advised against. You could wholesale it quickly and easily make 10k of the numbers are correct. If you like risk and have a good contractor lined up I say go for it! You have a huge upside! -John