Figuring first deal-input please

[Eric Robertson]

Brand new an extremely nervous. Looking for my first wholesale deal. Was just doing market research when I came across this... I think I may have found a wholesale deal, would love some input.

Property was listed at $95K FSBO price has came down to $87.5 fully furnished in less than 3 months

3bd 2 bath in a nice golf course subdivision in Florida built 1980

1956sq ft not counting an added 12x26 Lanai

Comps put ARV at $123K

The home is nice but kitchen a a few other things are dated...awesome landscaping and overall a nice home estimated $15K for rehab, mainly for new kitchen cabinets ect

I have a number in mind to offer but would sure like to here what anyone else with some wholesale/investing experience has to say. I can see $5-$10K profit for me and $20-25K for a rehabber if they are wanting to sell as badly as I think.

$123,000 minus 70% =$86,100 - $15K for repairs +$71,100

My thought was offer $72.5K and offer to do an estate sale to sell the contents for the owner...furniture is nice so this is either a winter home or they are hitting the open road. Nice furniture, but I am not keeping the property.

I also buy/sell storage units, buy leftover estate sale items etc anyway. I have one guy I could call and think I could move most of the furniture the day of closing.

Thoughts? What did I miss? Maybe they will laugh at the offer, but maybe not.

[Eric Robertson]

@Chris Winterhalter

I was using what I had at my fingertips for comps. I am going to do a bit more research and see what i can come up with. I knew enough not to trust "Zestimate" and used only comps that had been placed by realtors on Zillow (it now links to the realtor when a property sells).

I was not even looking for deals when I came across this, I was basically doing market research, looking for "hot" area's. I have NO buyers list in place, no contract drawn up...nothing. lol I don't want "analysis paralysis"... but I also cannot afford to mess up a good thing if this is a decent deal.

I do know the area fairly well, and it is one of the nicest in our area. Rental comps put this house in the $950/mo range which makes it affordable for families in a very good neighborhood.

I am trying now to find a title company that will do a double closing...not having much luck here local (small towns)...may need to check Tampa or Orlando.

If the comps are good should I try to make the deal even without any buyers lined up? I hear if the deal is right the buyers will come.

Thanks again for the advice!