Newbie - Deal Evaluation

[Wayne Littrell]

BP has been such a valuable resource, learning how to properly evaluate deals.  I've located an interesting property, and would appreciate any thoughts from those with experience. 

Subject property is a 3/1 988 sqft ranch, listed at $79.9K without a garage.  Having walked the property, it needs approx. $15K in rehab (siding, windows, flooring, kitchen, bath).  

I have three good comps, all of which appear to be recent flips, ranging $95K to $112K, with an average of $103K. If I take a $10K adjustment for the garage, use the 70% rule, and my rehab estimate, I come up with a MPP of $50K.

In 2016 there were 5 other FC properties in the area that sold on average for $61K (again, adjusting down for they all had garages). Not sure that this factors anywhere, but found it interesting, thinking it may influence the review / approval from the REO asset manager.

Open questions;

• How does my deal evaluation sound.  Is there anything else I should be considering?
• For the rehab work outlined, is $15K a reasonable estimate (limited contractor use, starter home finishes)
• If I do not add a garage, is this a considerable mistake for resale given all the comps have garages?
• How realistic (from others experience) would it be to make a sub $50K offer on a property listed at $79K and have a reasonable expectation of success?

  Thanks in advance to anyone willing to take the time to offer their insights. - Wayne