@Lynn Por
As Daniel mentioned, there are some areas in Humboldt Park, which are pretty good to invest in. I'd say more towards the east side of Humboldt Park. I too would suggest driving around the area. I pulled up Google 'Street View' and the property looks similar to others in the area, so comps might not be hard to get, assuming inventory is selling and investors have rehabbed in the area.
I looked over your numbers and it does seem like a cheap acquisition price, but you have to know your ARV. Do your own due diligence when analyzing a property. See if the wholesaler has done an analysis of the property and neighborhood. Have they ran comps around the area to support that ARV? Don't just go off of the numbers presented; have a conversations with the wholesaler to get a feel for the numbers they are presenting. Also, ask the wholesaler how they arrived at the holding, closing, and realtor costs (I'm assuming they gave that information, unless you provided that on your post). Lastly, and one of the most important parts ask how they arrived at the rehab costs. I like to be conservative with my numbers, so I would take the higher repair cost of $60k for my own analysis, especially because it's going to be a gut rehab. Even then I would add a 20% contingency costs for any unforeseen issues during the rehab. That would put the rehab costs to about $72k, plus all holding, closing, and realtor costs, which would put the whole project cost to around $134k, including the purchase price and assuming the holding, closing, and realtor costs are accurate. So the actual profit might be closer to $30k (assuming ARV is accurate), which is not bad, but it's not $58k, as mentioned. I'm not saying the wholesaler didn't do their due diligence. They probably have done extensive analysis, I'm just suggesting asking questions and doing your own due diligence in order to make a more sound investment decision.
One side not, I just thought of is that you stated that the property has 4 bedrooms, but the square footage seems small (1642 sq ft) for 4 bedrooms. It could be that they are small bedrooms, but just something to look into.
Sorry for the long post, but just want you to have as much information before making a decision. Good luck, and keep us posted if you go through with the rehab or not.
To your success!
Xavier
