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Updated over 8 years ago on . Most recent reply

User Stats

83
Posts
12
Votes
Kelvin Letron Brantley
  • Rental Property Investor
  • Fort Mill, SC
12
Votes |
83
Posts

First Potential Deal: Very Little Comps - Rural Area

Kelvin Letron Brantley
  • Rental Property Investor
  • Fort Mill, SC
Posted

Hello,

I have a lead for a property in a rural area on 1 acre of land. The family has moved out and the property is owned free and clear.  The owner is in the process of doing some repairs in the bathroom and kitchen, but hasn't finished.  Also there is AC work which hasn't been finished.  

There are very few properties like it around, but I was able to roughly put the ARV at $175,000 based on recent sales and the properties that are there. The seller wants $90,000 given the fact that one of the bathrooms, kitchen, and ac needs work. Also there is a single wide mobile home behind the lot. There are also a couple more near by from what I can see in aerial map views. I will be speaking with the seller today to see if she is willing to accept lower. I plan on going out to the property this weekend for a more detailed inspection. The owner is motivated and investor friendly, but with the amount of work that needs to be done, I'm thinking about a wholesale strategy and cashing out.

Questions: 

1.  Can anyone provide any advice on how to proceed with the analysis?

2.  Does this sound like a good deal for wholesale?

3.  Does having properties (mobile homes) which are priced significantly lower than this property, affect the price of my prospect property.

Thanks,

Kelvin

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