Property Flip Advice

[Joel Coffman]

Hi BP Community!

I have been looking at a deal in Puyallup, Washington, and would really appreciate any advice and recommendations on how to better evaluate a home and ARV's. Anyways, let's get into the home!



 

Welcome to 5114 89th St E Unit 40, located in Puyallup, Washington. This home comes equipped with 3 Bed and 2 Bath, features a big open kitchen, dining, living, and even a family room. This home also includes a Private Suite with a walk in closet and a private bath with a walk in shower. There has also been multiple upgrades on the house such as a New furnace (2017), heat pump (2019), roof (2017), laminate floors (2015) & plumbing (2014). This home is selling for $74,900. Similar homes in the area are selling for upwards of $150-200k. As of looking at the pictures and description of this home, the only thing I can think of is repainting the home (Appliances do come with home).Let me share more of my analysis; ARV: $150,000. Flip Profit: $45,000. Max Offer: $78,682. Repairs Needed: $10,000. Monthly Holding Costs (30 Days): $318. Agent Fee's: $9,000. All Selling Closing Costs: $3,000. Purchase Closing Costs: $4,000. Total Profit: $45,000. If you would like to view the actual listing, visit https://www.realtor.com/realestateandhomes-detail/5114-89th-St-E-40_Tacoma_WA_98446_M16275-63856#photo0.

This is one of my first times analyzing a property to wholesale. Any advice would be awesome, and maybe a recommended courses/webinars/book for beginners. I am really interested in Wholesaling and I do hope to improve a lot and get better and better. I am also looking into Pro on BP so I can easily share and discuss my reports in the forums and use the BP Calculator as much as I want.

Best Regards, Joel

[Derek Johnson]

@Joel Coffman Hey Joel! I think your ARV is comparing this to regular SFR's outside the park. Because this house is inside a mobile home park, the owner has to pay rent for the lot. So 75k is really market value for this property.