Is this a deal? Wholesaling a rental property

[Greg Larson]

Hey BP! I am looking to wholesale my first deal. A flipper called me yesterday and he has a fully remodeled property with:

1st Floor - 2bd 1ba - Renting at $1150

2nd Floor - 3bd 1ba - Renting at $1500

Coach House - 3bd 2ba - Asking $1800/mo

The property has just been rehabbed, so it has all new mechanicals (new electrical, new plumbing, new efficiency toilets and jacuzzi baths, new LED lighting throughout, new HVAC, new roofs on both buildings, etc..) There is no A/C in this property however.

Tenants pay all utilities separately.

Property taxes are $9630 annually

He has this property listed on the market for 29 days now, but he iss unhappy with the real estate agent and mentioned that he will be taking advantage of the cancellation clause in their agreement effective Monday morning. He seems motivated to sell so he can get his money out and put it into other projects.

His asking price is $450,000, recently dropped down from $475,000.

In your opinion, is this a deal? If not, what price would make this a deal for you? Ive ran some #'s with the BP calculator, but some experienced wholesale/investment advice would be wonderful.

Thanks in advance!