First time invetor. Can someone analize my possible deal to see if I’m on the right track.
ARV, I did my own market value using realtor.com. I found 5 condo’s same size in # of bd,bts,sq ft. , etc. I came up with a ARV of about $51,000. The most recent sale were in November, August and Oct.
55,000 sold 11/04/2008
Total avg.sale price: 255,000/5= ARV of $51000
Purchse Price (16900) sale price, I want it at 10,500
Repair Cost (3500) paint, tile kitchen,
Holding Cost (4000) HOA,insurance,utilities, and taxes
Sales cost (3300), fees, title insurance, documents
Gross Profit 23,300
I will invest 10, 000 of my own cash. The place looks like it is in renting condition. I would live their. It doesn’t say it is a fixxer, but I wanted to do a little descretionary spending to help sell faster.
Are these good numbers ?
Am I missing anything?
What additional investment cash will I need?
Would you suggest renting as investment property or resell for profit?
Do you think I should buy and clean up and do no scretionary spending?
I appreciate any honest straight forward answers.
Thanks to everyone.
I am in CA if this helps any.