Is anyone familiar with any good software that will help in analysis - specifically I am interested in a few REO’s. I have a general valuation but I want to get more specific. See below - is there anything that is missing - it appears to me that this is a go?
Former Asking Price: $234,000
Current Asking Price: $189,900
Tax Value: $203,000
REO Property
*Currently getting final estimates from my contractor but here is a guestimate on my offer price.
6-month Carrying/Holding Costs:
Purchasing Costs $160,000
Operating Expense $5,000
Mortgage Payment $9,000
- Taxes $1,500
- Insurance $500
Capital Improvements $10,000
Selling Costs - Resale Broker Comissions $6,300
- Resale Closing Costs $5,000
Total $37,300
Given $37k in holding costs - my offer is around 160k for this property. That would net me out at a $10k profit.
Estimated Resale Price: $210,000 (very conservative)
Holding Costs (180) - $37,300
Minimum Profit - $10,000
Maximium Purchase Price: $162,700
Is there anything - seasoned investors - that I have fundamentally missed on this one?