Deal break down,3BR/1BA1564 SQFTBuilt 1930Asking Price: 49k(can probably get them down to 46K)Closing Costs: 1kHOI+Taxes:$400 a monthRehab Costs: 5K(basically paint, could upgrade appliances and carpet)Total Investment56KComp average is 105kTotal Profit30-40kLooking at this for my first flip, thoughts?

Gary Houck, this is right up my companies ally as we are in the process of upgrading a older home.

., and tend to be less emotionally invested in their properties, though some really do like to put in upgrades etc. since they spend so much time at work.

in the 12 yrs we have owned it, the Management company had and emblezzement (losing majority of the fund), Forgot to pay parking revenue to rightful owner (apparently it didn't belong to them for the 30 yrs), and HUGE 30 yr assessement to upgrade HAVC for the 500+ units......we were only able to absorb all the cost b/c it was in a great location, highly desirable and high rent area of a major city!!!!

If i remember correctlt I installed an energy efficient window and covered the upgrade of $30 and they paid to replace a non energy efficient window.

My unit has the same number and quality of upgrades as the comp (all cosmetic).

It had a huge driveway/parking space, you can put another house on.The lot is significantly larger than average.We go in....typical rehab/upgrades needed.....So...I'm interestedI go do my due diligence:It's an old development. 50 yrs old.

The only problem is that you will need to save enough money for closing which will be several thousand dollars.I have a friend who did this and upgraded his home several years later.

Capital Improvements: Expenses maintain the working order of somethingCapital improvements increase the life, upgrade or substantially improve the property.A replaced leaking pipe is an expense.

Zero inquiries, other than a few that they make me pay/upgrade to see.