First Wholesale Deal...or almost?

[Martha Chavarria]

For several months now, I have gained so much perspective in these forums and have been reading so much about some of the deals that have been in place. Many of which have been on the residential side.

So, having said that...this one's a bit of a twist, given that it's classified as a Condo, however this space can be utilized as an office facility. So, the comps we ran were of that of a residence. My team and I have put this deal together and wonder if the figures make sense given the type of property it is. Seller is motivated due to lapse of insurance coverage 3 days before Sandy hit. Very unfortunate, however, by selling this property, he's actually breaking even. Very close call given the circumstance. We have researched that there carriers who would insure the property for liability and flooding, if it should ever happen again.

Any thoughts on this deal? Given the history, conditions and figures, how attractive is this deal?
Thanks in advance!

Property Description:
Handicap accessible elevator to office space. Parking garage is included. Damaged by Hurricane Sandy and will be sold as is. No heavy construction required.

ARV: $480,000
Max % of ARV 70%
Repairs: $64,064
Closing Costs: 2% (covered by seller)
Holding Costs: $1500
no other expenses
Assignment fee: $15,000
Max Offer: $250,027
Profit: $229,973