hello to all from San Diego!!!
I found this property yesterday, 3bds, 2 bths, buid in 1953, 1360 SF, on a 1/3 acre lot, (over looking San Diego), the house is clean but it is old style with the old tile and old kitchen cabinets. It belonge to wealthy grand parents and now they have passed, it is paid for .

asking price: $ 349000.00
FMV: $ 410000.00
renevation: $ 50000.00
sell value: $ 550000.00
mortgage : $ 2800.00 (renovations will take 8wks.
realtor fees: $ 5000.00
closing costs: don’t know how to figure yet:)
taxes: don’t know how…

how do I calculate taxes and closing costs? this is a low end of this market in San Diego, or should I move to Texas ? any input is highly appreciated.

You are way off on realtor fees(should be over 30K at 6%), how do you arrive at you ARV? Mortgage sounds way short if you figure renovation and time it takes to sell the property.

If 550K is truly ARV, with your numbers below you purchase price needs to be under 300K

thank you so much for your reply, that’s why I needed the input.

thank you