First potential deal - help!

[Sarah Carlson]

Expertise needed! I have a connection with an REO listing agent and just received the price to a property from the bank pre-MLS so I have first dibs to send in an offer that I need to submit tomorrow morning. I'm not sure if this works for wholesaling.

REO in Antioch, CA
3/2, 1335 sqft, SFH, built in 1990, nice development
Bank price: 133K

Similar recently sold properties range from 140K - 160K
Estimating repairs: carpet, paint, 1 window screen, back patio step, base-cove in 1 bathroom needs repair. Approx total repair price: 15K

Monthly Rent - $1500
Rental Expenses - $750 (50% of the Monthly rent)
Positive Cashflow - $750

Does anyone see this as a good deal?

Any advice is much appreciated. Thanks in advance!

[Eddie Ziv]

Just one more word of caution. Whatever estimate you have for rehab - double it!!!
I've done three rehabs so far and about to start my forth which including my won home and in all cases, my cost came to almost double of my original estimation. You might say that the original estimation was unrealistic, but the reality is, that as you go along, there are new things being discovered and with it come the expenses.