Analyzing a Deal in DC

[Kelsen J.]

Hi BP,

My name is Kelsen and I'm new to wholesaling. I haven't done my first transaction yet but I have been reading, listening to BP podcasts and watching videos from investors. I did some research and I found a vacant property in DC. I tested out the comps myself through Redfin. (I will talk to a realtor soon to get the official MLS info) When I ran the comps I came up with:

ARV of $518,000 x 65% = $336,700

Estimated Repairs = $15,000 (house is in Good condition according to DC Tax Assessor)

Owner's Delinquent Taxes = $8,470

My Purchase Price = $313,230

Then Deduct my Assignment Fee = $10,000

Investor Purchase Price = $323,230

I deducted the owner's delinquent taxes from my purchase price. Is this a good deal?

*Homes in the area sell for 285k to $685K

*Prior to running comp, Redfin said that the home is valued at $483,800.

I checked other sites also:

DC Taxable Assessment: $338,770

Zillow: $356,879

Realtor.com: $433,000

I know its alot of info but I'm trying to understand the wholesaling process. Any insight would be appreciated! Thanks!