What about this plan, is it good?


Ok here is what I have.

I have found a property (a few really) in a nice mid-income, solid rental neighborhood (does not look like it.) It was taken over by the bank a few months ago and is not listed. If the price the banks have been selling/offering their properties in this area holds true in this case, I believe I can get a price from the bank around 25-35k. The house is a nice brick 3b 2b in good shape on the outside. Planning for worst case (I have looked but not gone inside I do not think it is worst) 10-15k in repairs (I am high balling everything, I will do some work myself) bringing basic purchase and repair cost to 35-50k. The ARV is 110-120k. It is close to a top university, public transportation and values have been increasing in the area. This is a great area and I have pics. Oh, has fenced yard and good size, please tell if I am missing something.

This is what I want to do please tell me what you think, please speak up! I am new, am not sensitive and want ALL the info, advice seasoned investors can throw at me.

I want to find a HML, purchase, repair and sell to another investor under value for a quick sale.
Many houses on the street are owned 3-4 properties per owner so I want to mail the listing to these owners to increase my chance of selling.

So what does everyone think?

Sounds like a plan, and sounds like you may have a good exit strategy. Why not try to get in contact with some of the other landlords before you buy to make sure there is interest when you are done? You also may be able to determine what price range they are looking for in homes they buy.