I need help, I’m I have a decision to make in 48hrs.

[Ray A Delfi]

As my profile states I have had this ball and chain for over 10 years (purchased in Oct 2007 for 160k). It's finally not upside down anymore but needs just about the same amount of repairs as I have in equity. I had a plan to get private funding/hard-money to finance the rehab get it rented and refinance (BRRR) however calling almost every bank and credit union around and no one is doing Refi's over 80% LTV.

Here are the numbers:

AVM/ARV: $200k -$226k

Zip:12550

Duplex

1900 sqFt

Exp Monthly income $2400 (after repairs are made, currently 50% occupied due to repairs needed)

P&I $1400 (principal bal $146k)

Loan offer:

$40k at 6% over 12mo first payment of $3400 due two months from loan issue date (My dilemma, should I take it? Continue reading)

Repairs can be done for under 20k in about 45days leaving some cushion, but I will not be able to afford the monthly payments. I could delay payments for 8 months using the remaining $20k to try and sell for 226k, but realistically sell for 190k and break even if sold in 6 months but, duplexes from 190k-250k have been sitting on the market now for over 130 days and more.

Repairs needed: new subfloor on the first floor ($3500) new kitchen and bathroom (received quote for 10k total for both), roof patch flat tar roof and replace gutters (approx 3k). New doors, Flooring and painting doing myself (materials 1800).