You said the other properties in this community sell at around 1 million. How do the square footage's compare? How is lot size and location? At that price range an investor is taking on a lot of risk. Does your property need $50,000 or $300,000 to get $1 million on the out sale. We do mostly high end flips ($700k- $1.8 million) so from experience we are looking to limit our risk or looking for a large margin. If we were to go into a project with a $700k buy in we would be looking for at least $200k profit. At 1 million you need luxury finishes and they come at a cost. We routinely will spend $40k or more on just the kitchen cabinets, tops, lighting and appliances. Have you thought about actually pricing the renovation work? $700k may be too high if comps come in at $1 million.I have you thought about presenting it as a package with build-able plans? You may want to consider a JV with a local builder and offer it build to suit. Just some thoughts. But the more information you could provide the better. I would say if it is sitting for a year it may need more work then you think.
