Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 13 years ago, 10/25/2011

User Stats

446
Posts
171
Votes
Glenn Espinosa
  • Rehabber
  • Alexandria, VA
171
Votes |
446
Posts

Analyze 2nd deal

Glenn Espinosa
  • Rehabber
  • Alexandria, VA
Posted

Breaking my left hand in a bad accident has taken me out of the real estate game for longer than I hoped... I've recently started looking again and have quite some interest in this one particular property. Numbers:

Beds: 3
Baths: 2
Sqft: 1,424 (Will be 1600+ with finished sunroom)
Type: Single Family
Year built: 1955
Cathedral ceilings, big 2 car garage in great shape to the rear.

Asking: 79,900 (priced dropped 10k as of 10/20)

Pictures available here http://www.zillow.com/homedetails/6105-Lockamy-Ln-Norfolk-VA-23502/79225876_zpid/#{scid=hdp-site-map-bubble-address}

Repairs: 50k-55k
Some big ticket items: Will need 50% new sheetrock plus insulation. Converting some of the downstairs into a master bedroom with walk in closet and ensuite, 50 % new roof, new floors throughout, paint, finishing a sunroom, refinished kitchen and baths.

ARV: $189,000

Comps:
#1 - 3/2, Same style house with 350 extra sq ft (mine will be similar with finished sunroom) no big garage. Fixer upper sold as is for $110,900 on 10/12/11, 97 DOM.

#2 - 3/2, Similar style house, same neighborhood, 1 block away. New kitchen, S/S appliances, 1 car attached garage, no sunroom, only 1,500 sq ft. Sold for $176,900 on 2/25/11, 24 DOM (I know its quite a long time back)

#3 - 3/2.5, 1440 sq ft. 1.5 miles away, Totally rehabbed house sold for 205k on 8/18/11. 65 DOM.

#4 - 4/1.5, 1556 sq ft. 1.2 miles away, Totally rehabbed house, builder grade fixtures, sold for 219k 8/05/11, 6 months on market.

Will give more details but Im out to meet my contractor at the house. Give me a piece of your minds!

Loading replies...