Possible first deal! Please help! in SoFla

[Kishia Ward]

Hello all!

So I have a potential deal in west palm I'm trying to figure out. It's a pretty old two-story home (no central A/c) situated in the corner of a large lot that can be split in to two and/or another property can be built on it. ARV for similar homes currently is $170k but those homes are not up to standard and single story. The bottom is renovated, roof is new as well. The top floor needs some finishing with the potential to turn it into a separate unit. I think this would make a great rental/rentals. So here are the stats:

I’m estimating repairs of $36k-$40k

ARV $175,000 - $200k (but has potential to build another property on land-owner made sure it was possible)

It currently rents for $1000 on the bottom floor only.

It seems like a great deal to me, but I would love some more seasoned opinions! 😊