Help ME analyze this New England 2 Unit Deal

[Timothy Mitchell]

Hey BP! So this is a Fannie Mae foreclosure where all offers were due this morning. I submitted a cash offer for the list price of 127k with 5% earnest money to close in 30 days. This Property is being sold as-is. Comps in the area are floating around the ARV. Rents are comparable for updated units close by as well. Hospital and Medical Tech Park within 1 mile, Interstate within 1 mile.

This property is unoccupied and winterized with notice of ice damage to plumbing.

Heat is FHW Baseboard, 2 Boilers, 2 Oil Tanks and 2 HW storage to be removed. All equipment and materials need to be removed, they are too old and not in working order.

There is knob and tube present in the basement.

With those 2 exceptions there seems to be no other major issues discovered as of yet. 

Both Units are dated and will need new kitchen appliances, cabinets, countertops, bathrooms, floors, paint, the usual. Windows and egress look newer and efficient. Exterior is clapboard that will need some scraping and painting. 

Bulkhead will need to be sealed and a sump pump put in place. Roof looks great and attic is nicely ventilated but could use some more insulation. 

This is mostly a forced equity/sweat equity deal, hiring on for the utility projects.

Let me know what you think of this deal and numbers. Any questions or comments would be greatly appreciated. Feel free to reach out to me directly as well.

Thanks!

-Tim

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