Wholesaling house with existing tenant
Ok so here's the deal, this property has existing tenants paying 725/mo. I'd be looking to wholesale this to a cash buyer. Here are the numbers;
ARV- 88,000
Negotiated price 59,000
Rent -725
Mortgage- 0
Insurance- 73
Taxes- 65
Vacancy and maintenance- 73
Cap Ex- 80
Prop. Man- 80
Total monthly expenses-371
Monthly CF-354
I'd likely build in a wholesale fee of 2500-3000
Closing costs -3000
Paid at closing- $64500-$65000
It's in good condition especially the inside, paint and new vinyl flooring roughly $3000, however it's probably in need of a new roof in less than 4 years.
All in about $68000.
Lay it on me... What do you guys think?
Thanks in advance!!