First Fix and Flip

[Andrew Besecker]

I have a potential house I am looking to renovate and would like to know what a good offer would be. I am new to REI, but I have been in real estate for over a year and done many transactions for both buyers and sellers. The project I am looking to buy is on the MLS, and the price has recently been reduced still with no activity. It was originally listed at $60k and has since been reduced to $45,900. It is a bank owned property and has been on the market for 70 days. I offer 21k and it was rejected. I then followed with a 25k offer and I am waiting to hear back. Looking at the comps the ARV is about 95-115k. Here is a list of the work that needs to be done:

Total sqft: 1575
1st floor: 930
2nd floor: 645

Lot dimension is 100'x150'
Side driveway with access on the front
Back detached garage 1 stall access from alley way

Interior Floor 1

First two rooms total of 408ft^2

• Carpets removed
• Hardwood finished
• Walls/Ceiling Painted w/ 8ft ceilings
• Replace Windows - 3(2.5'x5'), 1(4.75'x5')

Small Foyer 39ft^2

• Flooring (tile?)
• Walls/Ceiling Painted w/ 8ft ceilings
• New front door

Kitchen/ Dinning room 259ft^2

• Wall paper removal
• New counter tops
  
• Appliances- (fridge, stove-top, oven, range, dishwasher)
• Replacement Window- 1(3'x3')
• Walls/Ceiling Painted w/ 8ft ceilings

Laundry room/mud room 180ft^2

• New flooring
• Walls/Ceiling Painted w/ 8ft ceilings

3/4 bath on 1st floor 100ft^2

• New flooring
• New vanity+sink
• Walls/Ceiling Painted w/ 8ft ceilings

Interior Floor 2

Bedrooms + Hallway 570ft^2

• Replacement Windows- 7(2.5'x5'), 1(1.5'x5')
• Walls/Ceiling Painted w/ 8ft ceilings
• Carpet all including stairs

Full Bath 2nd Floor 76ft^2

• New Floor
• New vanity+ sink
• Replacement Window- 1(2.5'x5')
• Walls/Ceiling Painted w/ 8ft ceilings

Exterior Work

Siding

• Front and back vinyl- wash
• sides are wood- sand and repaint

Garage 1.5 Stall

• Cement Siding- Stripe and repaint
• New door + mechanics

Front Porch (wood)

• Repaint wood flooring

Back Porch (wood)

• Re-level
• Rebuild railing
• Paint flooring and ceiling

Basement

Mold
No A/C unit

If someone who rehabs houses could give me a reasonable maximum offer to stay below that would be much help. I have some interior pictures of the house as well. Thank you for your time and I look forward to getting some advice on this project.