Charlotte area deal?

[Travis Bernard]

Hey guys! 

I have a house under contract right now in Kings Mountain, NC, outside Charlotte, NC

Just got the inspection done, reviewed repairs with a GC, and want some help analyzing it to see if it's a good deal or not. 

3bd/1ba

Purchase $20,000

Repairs $25,000-$30,000 - subing out the work myself

ARV $55,000

Rent $800/month 

The GC/investor I have been working with siad it would take about 3 months for the reno

My plan would be to Brrrr the property. So assuming I could get a loan for 70% LTV, that would be $38,500.

Since this would be my first rehab, I would imagine I would end up on the higher end of the rehab estimate, so $30,000. That would mean I would still have $11,500 in the deal after refinancing. My thought is, I could go put that money as a down payment on an already rehabbed property. I would be getting a property of approximate value and I wouldn't have to do the work and spend the time of doing the rehab myself. 

Please let me know your thoughts! Thanks!

[Travis Bernard]

@Scott Patterson @Don Harris Thanks for the tips! Those were my thoughts as well. I just wanted to make sure there wasn't some value there that I wasn't seeing.