Help, please.
I have a property under contract. My original plan was to rehab it. However, my situation changed and now I am trying to wholesale it. I am told by a broker that the ARV is ~$120K. Originally the seller said the repairs would be $5K (for him to fix it). I have had one person come through who said that repairs were more like $20K. I have been asking $65K. This has to be too high because people inquire about it but once I say the price, they aren't interested. Problem is that I don't know what to price it at. Should I drop it to $60K or more and see what happens. Is there a better way to figure this out?
I have done one rehab where I did the work myself. So if I were doing this rehab by myself, I could do it for $5. I think the investor who told me $20K was exaggerating, but I could be wrong. The previous tenants disconnected the water softner and water leaked pretty badly for awhile. I think the flooring and sub flooring in a couple of rooms needs redone. There are some holes in drywall. Massive cleanup because the tenants left a lot of junk around. Replace carpet and paint. There are newer windows, furnace, AC, water heater. Roof looks good.
Thanks to anyone and everyone who can help me.
Sandy
