[Calc Review] Help me analyze this deal

[Kurt Michaelson]

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

Tomorrow afternoon I have an appointment with a woman who owns this house that was damaged by a fire a few months ago. Sadly, her mother died in this fire also.

She's asking $300K for the house and I've done some preliminary repair estimates based on the amount of fire damage, which she said wasn't very much. I've included a $6,000 cost for fire restoration as a miscellaneous item but it does not show up on this report.

I've used a Deal Analyzer from FortuneBuilders and have become dissatisfied with it, but I'm feeling MUCH MORE CONFIDENT with the use and presentation format these calculators produce, so thank you to BiggerPockets for creating these tools and the website to help investors, especially for a rookie like myself.

I believe she's negotiable as far as a price is concerned and I was thinking of beginning to start negotiating at $269K. Would that be too low to start?

I appreciate the feedback on this and I'm incredibly grateful for this community of people here on BiggerPockets.

[Jeremy VanDelinder]

Just wanted to through my "two cents" in since its a fire damaged property (this is becoming my niche). 

Here are the things often overlooked on these kind of "minimally damaged" properties: All areas contiguous with the fire area (no fire wall separation) will have a film over them that will need to be thoroughly cleaned: walls, ceilings, appliances. You are best to hire a fire-remediation company unless you have a contractor experience in this. Also, HVAC--if it was running at the time of the fire the ductwork will be contaminated and will need to be cleaned at minimum, or replaced if bad enough. 

Hope that helps and good luck!