Philadelphia: Help me analyze this deal

[Ahmed Elias]

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Hi BP Community, 

I was hoping to get insights from investors who are experts in deal analyzing. Hoping to close on a property next week :) Few call outs: 

1. I am taking advantage of the FHA 203K program - Given that my financials are all aligned perfectly I would qualify between 4 to 5.5% interest rate. I took 5.1% just to be safe.

-    Should I get the property appraised and refinance to conventional as soon as I am done rehabbing the property completely? 

2. I estimated 250K in repairs given that the property is a complete mess. the Property is roughly 2300 SQft I assumed 1000 dollars per sqft given that its a 3 family property + basement. Am I being crazy or am I estimating too low? 

3. As the property will be fully renovated from top to bottom I assumed a much lower capEx rate given that all big ticket items will need to be replaced. 

4. The realtor told me that the property should have an ARV of 650K or higher, I estimated an ARV of 600K just to be on the safe side.

Thanks