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Updated over 6 years ago,

User Stats

238
Posts
44
Votes
Doug Haisten
  • Mobile, AL
44
Votes |
238
Posts

[Calc Review] Help me analyze this deal

Doug Haisten
  • Mobile, AL
Posted

View report

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

This is a house, 2 bd/2 ba, 1020 sq ft built in 1956. I The roof is about 12 yo. Not many recent sales and fewer similar houses. A 3/1 house 1056 sq ft about 4 doors down the same street sold in May for $40K. The owner has a remaining balance on his 10 yo mortgage of $35K. The owner is 1-2 payments behind ($550 payment per month). The owner says he just wants out from under it, can't afford it anymore. The house is vacant but furnished at this time with power on. Rentometer says the house in this area is $753 a month. I think that is too high and using $675. Figuring on wholesaling to a buyer with a 30 yo note the house brings net income of $303/mth and a 12% COC return. The calculator shows a max offer price much higher than the mortgage. I'd offer just enough to pay the mortgage off plus $1000 to help him get his belongings out. 

I am new to the BP calculators can someone please review this and let me know if I am doing this right. Thanks Doug