Understanding Potential Opportunities

[Shane Insang]

Hi Guys, this is my first post on BP. I am currently saving money for a downpayment on my (hopeful) first house hack. I have no prior experience in real estate and am currently using my time to learn and explore opportunities in my area even if I cant afford them.  I'd like to hear your thoughts about this opportunity and know whether or not my line of thinking is correct. 

There is a 3-plex asking for $795,000 down from original 800k asking price. Been listed for 132 days and is 1,171 sq ft, 3 bedrooms 3.5 bathrooms. The main unit is 2 beds, 1.5 bath with laundry appliances. Another unit is a 1 bedroom and a deck and the last (where I would stay) is a basement studio with a separate entrance. All units have access to a back yard. The entire house is fully vacant. 

Some questions I'd have about the property is why its been listed for so long. The property also has unusual price changes and sale listings and is asking for ~100k above assessment (2022). I think this presents an opportunity to negotiate a lower price. Most importantly this property is being sold at nearly the same price as larger properties in the surrounding area. For example a 2k sq ft property with 5 bedrooms and 3 bathrooms sold for $950k at the end of 2023 less than a quarter mile away. 

Is my line of thinking reasonable? What things may I be overlooking? What are some things I may not have even considered? 

Bonus: Although I won't be able to afford this deal even with 3.5% down could this be an opportunity to sell the buying rights in a wholesale deal?

[Nicholas L.]

@Shane Insang

you're on the right track.  a few reactions:

ask an agent if comps support the price.

the assessment is irrelevant.

no, it's not a wholesale opportunity.

keep saving.