Property Analysis Help for Newbie

[Noel George]

I am looking to make an offer on a bank foreclosed property. The Zillow.com description of the property estimates the foreclosed property will sell at $117,000. The current "Zestimate" price for the property is a little over $129,000. The Asking price is listed is $90,000. The price seems like a great deal because in the last 10 years the lowest price on the zillow chart is about $99,000 which was in the housing market bust of 2007-2008. It is a 3 bedroom 2 bathroom 1513 sq. ft. single story house in a pretty good neighborhood. The neighborhood has low crime rate and good schools. It is also close by to schools and a very close distance away from 2 major highways. It looks like no repairs are needed except maybe a repaving of the driveway, even so, I will ask for an inspection to verify electrical, plumbing, etc. I have used a biggerpockets spreadsheet and it seems to give a good yield return as well as positive monthly cashflow (although I do not know all the numbers such as utilities cost).

The house looks in very good condition & I want to make an offer on it. The agent says submit our offer and the seller will review all the offers. Everything to me seems to check out but I want to know the communities opinion on it. Anyways, please let me know what you think and if you need any more information/details. Thanks for the help!

• Built in 1983
• lot size 4,400 sq. ft.
• House Size 1500 sq. ft
• 3 bedroom 2 bathroom
• Traditional Style
• Taxes $1,959
• Annual Maintenance Fee $250
• Insurance $70/Monthly
• On the market 8 days