Please Help Me Analyze This Deal

[Shi'Mere Andrus]

Hello Everyone,

I'm a novice wholesaler in Los Angeles still looking for my first deal after 8 months of trying. I'm just trying to get my first deal under my belt so I can get some confidence in wholesaling. If it wasn't for this site, I would've probably given up a long time ago. Anyways, here is the deal I'm working on now.........

First let me say that I can not find a good ARV for this home. There are no recent sales in area that fits this home.

The home is a 4BD/2BTH, 2066sqft, 8100 lot size, with a pool and jacuzzi.

There is a pending sale in the same area (4BD/2BTH, 1200sqft, 6000 lot size, without a pool). The pending sale is $400,000. This is the closest to a comparable I can find.

Here is how I'm breaking down the numbers-

ARV: 687,978 (I came up with this by dividing 1200 by 400,000. This gave me 333.33 dollar per sq ft. I then multiplied 333 by 2066)

Investor Profit: 35%
Estimated repairs: 16,000
Assignment fee: 8,000
Closing Costs: 31,200

The total price I would advertise to investors would be $398,000.

Everyone, what do you think?????

Thanks,

Shi'Mere
:D