DFW Practice Run

[Account Closed]

DFW, Arlington, Mansfield, Tarrant County Tx.

I would like try a mock-run at this as I do not have the funds to do anything at this time. For any of the DFW investors or wholesales this could also be potential information on a deal for you as well ( I dont know hence the post) Here goes.

Current listing on hudhomestore.com

Case Number: 492-656263

4 bedroom house in Mansfield, TX 4 bedroom 2.5 bathroom around 2700 square feet.

I actually went and looked at the house and the only major thing I could see was it did not have any flooring (bare concrete) or trim/moulding. All the original cabinets and furnishings were still in the house minus a few minor things (shower heads, missing stove, etc)

Current price is $185000 and a house I looked at down the street a few weeks ago was also listed at $185,000, was only 2400 square feet, and ended up selling for around $155k (18-19% below asking price which seems to be about as low as HUD will go for the DFW area)

I looked on Zillow and the only two houses I found that have sold within the last year close by was a 2300 square foot house that sold for around $225 (it looked pretty updated and nice) and a 2700 square foot that sold for around $240k.

Assuming the house just needs basic repairs (new flooring, refinish cabinets and countertops, paint, etc.) what would be a good buying price (whether they accept it or not I don't care about as I am just learning), rough rehab cost, selling price and potential profit for this to be a "good deal"

Any and all feedback is appreciated. Like I said look up the Case Number and go for it if it actually is a good deal, but just keep me in the loop and the rational behind it so that I can learn.

Thanks

Robert

[Mark Vejnar]

@Greg Scott

While NOI and capex are common in MF isn't it a bit ironic that SFR places more weight on sales? Seems crazy to me. If the big boys are looking at income and expenses, why are the little guys just looking at what everybody else is doing? While it's undeniably useful (especially for flips), I hate the "me-too me-too!" sales comparison approach. Probably just me but it seems like a foolish way to value a long-term buy and hold income producing property, even if it is SFR.

$0.02