[Calc Review] Looking for feedback on a SFH deal in Cleveland!

[Paramvir Singh]

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*This link comes directly from our calculators, based on information input by the member who posted.

Hello! I have a 3 bedroom, 1.5 bathroom single family home under contract in Garfield Heights, OH. 1320 sq ft plus a basement and detached 2 door garage. Overall, the home is in solid condition in a C+ neighborhood. I will be doing a rehab and refinancing after. Let me know thoughts on this deal- it will be my first deal out of state. I was pretty conservative with all the numbers so I expect some upside. Thanks!

[Andrew Weiner]

I’m not a guru at reading the bigger pockets calculators but I think you need more upside on this deal.  Your looking at 3 months of holding costs and potential for the rehab to go over budget or over on time.  If you go over your estimates then your into this property for nearly market price.  It might be easier to just buy something at or near market that is ready to go for your first out of state deal while you gain local contacts and comfort with the distance.  Also you need to find out about the point of sale, in Garfield Heights you will probably have to escrow some money and meet the city requirements which can be another area that can drive up costs.  If your numbers are really conservative then it could be a good deal in a suburb with a strong rental market.

Good luck!