Live in Flip: Deal or No Deal?

[Chris Wilburn]

Hi BP, 

I've been educating myself the past month or so on the current market here in PDX.  

My partner and I are considering a 1930s property that needs about 35K minimum in work(before cosmetic). Interior outdated but it's 2200sf, a great lot, and plenty potential. 

On top of that, it's our first purchase together.  We're comfortable with staying 3-4 years as we rehab/learn and gain some decent sweat equity. The propery is a good fit for us size and location wise, no rush to move out. 

Rough numbers are:

ARV: 630-650K (thats considering current comps within 1/2mi)

Repairs: 50-65K for decent finishes, I think.  This includes the 35K for plumb, electric, furnace

Possible Mortgage: 3.5%($18K) down, $15K closing, $490K @ 2.6% (we can comfortably split the monthly)

Wondering how that purchase price sounds?  

Right now part of the challenge is understanding where we want to come out after selling.  At minimum, we want to have down payment to do it again, with enough in reserves for a faster rehab (max 2 years) the second time around. 

Also, probably missing some info.  Just let me know and I'll try to add it. 

Thanks!