Tear Down Property Analysis

[Kevin Martinez]

Hello everyone,

I currenly have a deal i'm about to put under contract on a property that needs extensive work. It's about 950 sqft, 2 bed 1 bath with a detached garage and comps sell for 145k-150k range. Due to the condition of the property it will most likely be a tear down. Newer properties in the 1500sqft range are selling for about 240k-250k. The lot is 6000 sqft and the city assessed value of the land is 70k and I have an accepted offer of 30k. I've never dealt with tear downs and evaluating them. I'm looking to wholesale this deal due to the distance from me. Would you do this deal?