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Updated over 13 years ago, 06/06/2011
Super Newbie with a Possible Deal (Need Advice)
Hi Bp, I've been looking and learning from here for sometime. Putting things I've learned here, I put things in action and put up some bandit signs in the area. The phone started ringing and the first call was this:
Two Family House
STYLE 2 Family
MODEL Residential
Grade: Average
Stories: 2 Stories
Occupancy 2
Exterior Wall 1 Aluminum Sidng
Roof Structure: Gable/Hip
Roof Cover Asphalt
Interior Wall 1 Plastered/Dryw
Interior Flr 1 Fin WD/Carpet
Heat Fuel Oil/Gas
Heat Type: FA/HW/ST
AC Type: None
Total Bedrooms: 06
Total Bthrms: 2
Total Half Baths: 0
Total Rooms: 12
Bath Style: Average
Kitchen Style: Average
Living Area 2,578 square feet
Replacement Cost 222,986
Year Built 1935
Depreciation 30%
Replacement Cost Less Depreciation 156,100
BAS First Floor 1037 1037
FAT Finished Attic 1008 504
FOP Fin Open Porch 224 0
FUS Finished Upper Story 1037 1037
UBM Unfinished Basement 1037 0
Total 4343 2578
Current Assessed Value
Total: 131,880
Zestimate $137,500
Owner says it needs roofing work done and the porch needs to be fixed
There are 2 tenants one is paying $900 a month
the other isn't paying anything but is a family member which a reason he has to sell not making much money.
Owner owes property free and clear and is looking for $70k or best offer.
Comps in the area are about 115k
so 70% is 80,500 - 20k repairs - 10k my fee = 50,500
Supposed to meet with him today, my partner set the meeting up before I could talk to him.
What do you guys think?