Numbers Look OK? Pre-foreclosure wholesale deal S King Cty WA

[Autumn Allen]

Hello BP family! I usually work with off market homeowners who are current in the mortgage so I am new to working with owners in default. I submit my offer to the owner tonight, so if you guys could take a look and see if my numbers sound right that would be amazing. 

3 bed, 1.75 bath, 1948 built, 2080 SF (2460 with a small unfinished part to basement)

Brick home, good condition, has driveway in front, 2 car driveway in back and 1 car garage with an attic with lots of storage. This house is all about storage. The entire daylight basement is full of amazing built-ins. No roof leaks, kitchen has tile countertops. Bathroom on 1st floor has tile floor. Just old. Downstairs could easily be converted to MIL with separate back entrance. There is a kitchen and counter but no sink, permits already pulled though for plumb and electrical. Would have to wall in furnace and water heater per code though. Roof has a lot of moss but no leaks or eroding. Both up and down stairs bathrooms need to be updated. There is a lot of beautiful wood paneling throughout the basement, great condition, but also dated. House has a lot of character. Backyard cute but small.

ARV - $340,000 MAX

Comps

1. 20 H ST SE 98002 sold for 349,950 on 12/2016.

2. 3324 M PL SE sold for 325,000 on 7/2016

3. 14 J ST NE sold for 300,000 on 11/2016.

Arrears - $30,000     (plus 181k left on note)

Rehab - $35,000

Profit - $35,000

Fixed costs (CC both ways, excise) - $12,000

Holding (6mo) - $3,000

Wholesale fee - $4,000

This house is in a hot neighborhood, does not need realtor help whatsoever.

340-30-35-35-12-3-4= 221,000 max offer to seller

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