6 bed / 5 bath 3700 sq feet $175,000

[Asher Anthes]

So, I put in an offer yesterday for this house, there were about 4 other bids and I'm hoping I was the best one. I'll find out today if I won it. It's a short sale, but I'm pretty sure the bank has approved it already at this price.

The house needs about $10k - $15k or so as far as I know now to get it to resale. But, I'm planning on living in it and renting it out to friends for 2 years, and then selling it.

The house was built in 1998, all brick, 6 bed 5 bath, 3700 square feet, and it has an additional kitchen downstairs (could be converted into an apartment).

At my price, the price per square foot is $47. The comps average price per square foot are $80 (pulled 6 comps and threw out the highest and lowest). However, those comps are mostly 4 bedrooms 2.5 baths.

My main question is should I discount my assumed after repair instead of basing it strictly on a price per square foot. If I multiply 80 by 3700 I get $296,000, but I feel like $260-270 may be a little more realistic because people won't pay proportionally the same amount more for a 6/5 as a 4/2.5 per square foot.

Is this good logic? I still feel like its an awesome deal knocking off some of the ARV for this reason. Thoughts?