HELP Is it a Deal or No Deal ??

[Neeha Afreen Shaik]

I got a deal from a wholesaler which is locate at downtown Jacksonville,FL(32204). As I am newbie investor when i spoke to hard money lender he says that i can get for 11.34 % for 2 points and the closing costs will be around  7000$ if i have a co-signer in my application. Not sure if i have to go head or not?? 

Property details:

5 bed, 3 bath --2079 sqft in a 5300 sqft lot.

Built in 1924

time on Redfin :245 days 

Purchase offer:240K

repair estimate:130K

ARV:450(contractor didn't walk through but he gave a rough estimate after seeing pics)

Status: pending(under contract with wholesaler)

[Caleb Brown]

Is this your first deal? Seems like a loge rehab and a lot to take on if it is. I would get an accurate scope of work and comps from a agent for ARV. From there you can decide. For expenses make sure to factor holding costs, oopsie fund, closing costs on the sell side. Be conservative.