This is a test to the savvy investors on the site!

[Jarod Clayton]

;-) Really I'm look for help to assess a deal.  Key question is what should the purchase price be. 

Info-BRRRRrrrrr(will live in for 1.5 years, Mindy would love to hear from you!)

Currently 2 bed 1 bath, AR 4 bed 2 bath.  (current owners did second story but only roughed in)

Ask price $270k

Taxes-4481 HOA $1200

Property is in an "A city" tough to cash flow normally but neg appreciation is almost never and does very well during "up" markets.  Tenants are normally of higher quality.

Reno needs are $73,300 per GC who walked the property, this is total rehab of whole house to new condition. 

ARV is very conservatively $329,000 would be $369,000 if it wasn't beside a Highway.

Monthly rent after reno would be $2200 tenant pays everything, including heat, hot water, water/septic.

Would be doing either FHA 203K or similar with 20% down. This would allow me to not lay cash for down payment as well as reno, rather include reno in loan and just put 20% down of total amount. Would refi after 6 months as owner occ to get as much equity out(up to 80% LTV) for next investment.

Pertinent info/carrying costs- for those number crunchers I am likely to not live in the house for first two months, which means paying rent elsewhere for two months as well as 1 mortgage payment.  assume rent is $1500 per month for the two months, also would need about $125 per month for storage fee's, and probably about $3,000 in closing costs and inspections. 

My expectations for this post was to actually provide enough info for the educated investors to help me, however I think this much detail may deter them from even answering, we will see! 

In Summary, what should the purchase price be?

Thanks for any help from the great BP memebers!