[Calc Review] Help me analyze this deal

[Elliot Saks]

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Hey everyone. Looking to do my first BRRRR. I'm wondering what I'm missing. The property in question is near a major midwest city. I'm estimating rehab around $65k. It looks like it's an abandoned flip or "unfinished project" distress as David Greene likes to call it.

The property is in very rough shape.  It's a 2 bedroom in an A neighborhood with a "bonus room."

The good:  new electrical panel, new roof, new windows.

The bad: everything else.  Siding is ok but needs a little repair (probably < $1k).  Interior, half the walls and ceilings are missing (lots of drywall).  Bathroom needs totally gutted and redone.  The kitchen doesn't exist.  My number includes estimate for a total repipe, total rewire, drywall throughout, some framing, possibly adding a wall and closet to make the third bedroom instead of the "bonus room."  It looks like some concrete in the driveway needs re-poured, maybe one/two pads.  Will also have to buy a suite of appliances.  Needs complete floors.  Yard just needs mowed but otherwise looks great.

I do not have information on the state of the foundation other than hoping it's ok.  That sinks any deal for me (I hate foundation issues). So for this analysis assume the foundation is ok.

I've remodeled my own home and am used to California prices, but the Midwest may be cheaper.  Does $65k for an entire new inside (including some systems) seem reasonable?

I don't know what I don't know.  Help me out.  TIA!

[Dylan B.]

@Elliot Saks The numbers look pretty decent. The only thing I would ask is how confident are you with the ARV? The rental rate?

What was your dollar per sq ft repair cost estimate?  May want to contact a few local contractors and get estimates on this in the area for what repairs are needed. 

Just my thoughts.