$60k ARV, $30k Rehab. Looking for a BRRRR offer price

[Brian Stieler]

I've found a seller looking to unload a flip project they didn't get around to finishing. I'm looking at it as a BRRRR project, however I've included some estimates that would leave some of my money in it. Would you mind checking my numbers for me? Let me know if there's anything else you'd like to see.

2bd, 1ba, SFH, ~850sqft, 

• Asking price $35,000
• Potential monthly rent: ~$1100
• Mgmt 10%, Vac 8%, Maint 10%, Resv 5% = $235/m cashflow

Total Rehab estimate: ~$30,000

Property is currently gutted. No kitchen, no bathroom, some open-faced walls.

• Kitchen $10,000 (Tile floor, Appliances, Cabinetry, Sink, plumbing)
• Bathroom $5,000 (Tile floor, Drywall, Doors, Shower, Toilet, Cabinetry, plumbing)
• Carpet in two bedrooms (~400sqft) $750
• Finish walls $1000
• Furnace $5000
• Water heater $3500
• Remove chimney $3000
• Powerwash Exterior $500
• Potential Termite repair ??

What should be my highest and best cash offer price?

if Cash-out Refi at 70% ARV = $42k - $30k Rehab

• Offer with 0% of my money in ($0) = $12k
• Offer with 10% of my money in ($6k) = $18k

Cash-out Refi at 80% ARV = $48k - $30k Rehab

• Offer with 0% of my money in ($0) = $18k
• Offer with 10% of my money in ($6k) = $24k

Any thoughts? Need more info?