New! First Analysis South Florida (Deal or No Deal??)

[Maranda Nevils]

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This seems like it can't be true a 2/2 with a garage. Am I doing this correctly? I put very conservative numbers. Trying to get comfortable analyzing deals. Have not seen the inside but the owners have had it since 2000 and are 62 years old so, I'm assuming upgrades have to be done. 

-Comps are showing $320k ARV

-The neighborhood seems like a lot of flips/rehab and rent are happening and bringing the neighborhood up (some of the 4/2s next door are renting for $3,200 at the moment).

-$189k in equity and $150k left on loan and there is a 53k judgment lein from the 2nd mortgage they took out.

-Home is listed as a pre-forclosure from last september? So, timeline doesn't make sense.  

Also, we don't have very much capital so getting the 75k cash upfront seems daunting, would wholesaling this be a better option as our first investment property? The neighborhood seems like a lot of flips/rehab and rent are happening and bringing the neighborhood up.

I appreciate any coaching anyone has to offer! :)