ARV $265k, Sell Price $190k, Repairs $35k FSBO, HELP

[Quasar Alexander]

Hello BP

I have ran into my first FSBO deal.

The owner owns the property outright next to Historic Downtown Marietta GA. At first she said 180k, now she wants 190k bc she grew up in the house (an emotional connection).

Its a:

3/2 with half finished basement. A house across the street without a basement sold 3 months ago for $240k.

I planned to wholesale the house, but at this price there is no money in it for wholesale. I need to get this under contract for $180k or less. I have the option of fix and flip as well.

She has 2 other properties on this same street for sale. I sent LOI on all. She rejects to only be unreasonable. Are there any other way I can structure this? Wholesale? Of should I keep, fix, flip and hold? Any ideas?

The 2 other properties.

3/1 $180k with tenant, needs over $30k repair with extra bath

3/1 $170k needs 40k repair and extra bath

Thanks for any feedback.

[Luka Milicevic]

Just because it's a lead, doesn't mean it's a good deal.

I don't see it working as a filp. If the max ARV is 265 and you follow the 70% rule you are already paying way too much at 190k.

I think it might be an okay rental-depending on the rents in the area. 

$35k for a flip? Sounds way too low. 

Basement=Water issues! Make sure to think and budget about that possible issue.