KCK [Calc Review] Help me analyze this deal

[Michael Glaser]

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*This link comes directly from our calculators, based on information input by the member who posted.

I've been speaking with this gentleman about a house he's trying to list in an up and coming area just north of the Johnson County line in KCK. 

The house is a 3BR 1Bath. Needs about $40-50K in renovations, most likely $60K. New kitchen, new bathroom, new flooring. Needs the entire HVAC system to be rerouted above the ceiling through the attic space. It has brand new windows and sliding glass door. There's a screened in porch that's underneath the roofline that I could turn into a 4th bedroom rather easily. The house was filled with two hoarders and still has a smell of cats and ammonia. 

Rent:

$1,195 - Current rent

$1,419 - Rentometer 24 month 3BR

$2,055 - Rentometer 24 month 4BR

$1,600 - My estimated rent for a 4BR with new kitchen, bath, flooring. 

He originally valued the home at Zillow's $124,000. I explained to him that's newly or recently renovated house price. He admits the kitchen, bathroom and furnace need to be all redone/rerouted. 

Stats:

3BR SQFT: 1,200

4BR SQFT: 1,425

Lot SQFT: 10,700

Built: 1954

No price history

County Assessor:

2018	$101,800
2017	$97,260
2016	$89,230
2015	$85,800

Redfin - $114K

Zillow - $124K

Remax - $106

MY OFFER: $75K

Questions I have:

- How should I propose an owner finance deal if I'm renovating?

- How to calculate how much he's saving by selling it to me off-market/not paying agent?