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Updated over 4 years ago,
Need some help approaching a deal
Detroit area sfr
3,250 sqft 7 bed 6 bath
Owner asking 275k estimating only cosmetic repairs and a plumbing issue last contractor was a friend who caught the covid and stopped work hasn’t touched it since also owner currently lives in Florida.
According to propstream
Home is valued at 190k but I believe ARV could be around 250k and there is an existing mortgage of 141k. If you know about Detroit markets this is in the Boston Edison district.
My question is for those who wish to answer is am I working with somewhat of a deal and what questions should I ask next to move forward maybe jv so I can see the ropes?