trying to take action

[Darren Dennis]

I've been reading, watching, and searching. I finally got the opportunity to look at my first foreclosure here on Long Island, NY. Before going to look at the property, i tried to play with theBRRRR calculator to see what some numbers look like. One thing that i wasn't too sure of was closing costs. First and foremost, I hope someone can clue me in as to whether i'm underestimating or not. I went with 5% of the purchase price (in NY, are closing costs higher than other places?). At first, when i went to look at the property, i was a little disappointed. I figured, how bad could it be.  I knew from looking at the pictures that the bathrooms and kitchens would need to be redone. BTW. It's a two family, 3/1 (is this the proper designation for 3 bdrm/ 1 bath?) over a 2 bdrm/1 bath. When i got to the property, i soon realized that it would require pretty much a complete gut renovation, new roof, landscaping, almost the whole 9. I was quite surprised that people actually lived in this house the way it was. When i walked out, i didn't think this house would be doable. I called my partner about it and sent him the photos. Then i went back to the calculator and adjusted some of my numbers.  I believe i underestimated the ARV as well. Looking at the numbers, despite the fact that the total project cost is higher than my underestimated arv, it seems like it's a decent deal. I'm hoping someone can chime in and correct me if i'm wrong. Am i missing something? The price of the property is a bit higher than what i stated the purchase price to be. I was hoping to bargain a bit and get it lower. Can you negotiate the price of a foreclosure?

Here is the link to the BRRRR calculations.

This is my first time doing this. Please go easy on me.