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Updated over 13 years ago,

Account Closed
  • Real Estate Investor
  • Houston/League City, TX
13
Votes |
63
Posts

Deal Review (First Flip) Yeah or Neay

Account Closed
  • Real Estate Investor
  • Houston/League City, TX
Posted

This came across my desk today from a wholesaler and I need second eyes on it. I would be using a HML, by the way.

3B/1B home in Houston.
Asking 30,500
ARV 90,000
Rehab Est 25,000

I drove by the neighborhood today and it's old but nice. I'll be looking at the house tomorrow so I wanted some input tonight.

A couple of things make me hesitant on this property.

First, it's a 3bed 1bath which is harder to sell after rehab and 2, the next door neighbor's house is in bad shape.

I looked at comps in the area and the ARV is accurate. The rental for the this home would be 900 to 1000 a month if I couldn't sell it right away.

Final question; after rehab, would I refinance through conventional if I had to rent instead of selling it?

Thanks in advance. Love this site, by the way.

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