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Updated over 4 years ago on . Most recent reply

User Stats

244
Posts
275
Votes
Ryan Copeland
  • Rental Property Investor
  • Columbia, SC
275
Votes |
244
Posts

1st Investment Property | Deal or No Deal?? | BRRRR

Ryan Copeland
  • Rental Property Investor
  • Columbia, SC
Posted

Hello BP Community,

I've found an off-market deal for my 1st investment property. I need your help analyzing this deal. I will be looking to BRRRR. (SFH, 3BR, 2BA, 1541 sq ft)

I've done a walkthrough of the property and it needs a full rehab. That includes: bathrooms, kitchen, flooring, paint, misc. The roof is new, hot water heater looks okay, AC unit seems to have some age, the electrical panel is labeled (so I think that's good). Home was built in 1988 and hasn't been updated. The owner says he owes 82k and would just need to be able to walk away from it. Below are some numbers.

  • 82k = purchase price
  • 30k = rehab
  • 04k = closing costs
  • 116k = total project cost
  • 130k = ARV
  • 52k = total cash needed at closing

Please see the link to the deal analysis for full details. I'm looking to see if I should pull the trigger on this one. It's close to a really good school zone and like 1 street away from shopping, groceries, fast food, etc.

View report

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

  • Ryan Copeland
  • Most Popular Reply

    User Stats

    2,206
    Posts
    1,249
    Votes
    Replied

    @Ryan Copeland won't be able to finance a property without insurance $50-70 per month. No PM. No soft costs, Vacancy 8%, repairs 5% and capex 10%. Cash out refi limited to 75% LTV so $97500. That's almost $300 per month in expenses out of your $320.

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