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Updated over 8 years ago,
Need advice on buying my first property
Hi,
As i am searching to buy my first property i cam across below property and need advice. it is listed for sale for $25,000 an per the agent, the ARV is115,000. and the rehab cost are around $55,000. the question is how do i find out about the correct ARV? there is similar property in same street and it was sold in 2015 for $69,000 which seems to be in better condition with some tenets, now after rehab how the ARV of this proparty could go to $115,000 as per agent? or it depend on the condition of the Rehab because the similar property may also need some rehab and that is why it sold for $69,000.
Description
4 units
2 bedrooms and 1 bath each
A total of 3294 sqft
Built in 1964
Brick, Solid roof.
Rents after rehab: 550-600/unit = 2200-2400/mo
ARV: $115,000.00 (Average of the 2 comps that have recently been fully rehabbed and sold)
Rehab Estimate: 55K
CASH PRICE: $25,000.
I will appreciate some advice.
Thanks
ebadullah