[Calc Review] Help me analyze this deal
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Hello BP community,
I am new to BP. My husband and I just bought a house last this month, and we are considering selling it to wholesaler. I need help in trying to figure out how to do this correctly and if it makes sense. The house is 2 bedrooms, 2 bath, 1500 square ft, .5 Acre. If we keep it, we will put a wall up and make it 3 bedrooms, more than enough space for this. Loan information: $29,200 loan amount, rate 4.75, total monthly payment with tax and insurance is $300.85. Our total closing cost was $9.175.20. we estimate repairs to be around $3,000, mostly to replace carpet. After repairs we will rent for around $800, the broker did not think we should do any work, appraisal without any work done was $55,000. Question: is this something a wholesaler would want, and how much should we sell it for. Thanks for any input,
Diane and Herman