My team and I have come across our first potential rehab project and looking for a little insight from bp. It's a 3/2/2 block 1966 in nice condition, it's on a busy main road directly across the main road (40 feet) from a neighborhood with comps at about 260-300k, the neighborhood the property is actually in comps are 230-240k with in ground pools but no updates. this property has no pool but a very big and attractive back yard which one could be added if needed. my question is can we comp at the neighborhood across the road? Could a updated property be somewhat comparable to outdated with pool? Our purchase price would be 155k and rehab close to 20k without pool and ARV from what we've figured is around 225k with around extra 10k factored in for purchase, holding, and selling costs. we're not quite solid on funding but leaning toward a HML to get started. Any suggestions or advice bp? does this sound like a good project to pursue?
Also my team and I will be rehabbing ourselves being we have plenty of knowledge in the construction field so that saves a lot in the long run
