Posted by Hanging Chad on September 30, 2003 at 21:20:37:
…It is a 3 br 2 ba house on the market for 173,000 for 1 day.With a little paint and a cleaning it would sell for 195,000 conservatively but investing another 10,000 would put this house in the 220 to 230 range…
Is there any objective basis on which you base these upgraded values. Do you have appraisals ? DO you have comparative sales records. Why do you think this property will go up $20,000 “with a little painting and cleaning”, and go up another $25,000 with additional $10,000 of work.
These positive, best case scenario numbers must not be based on assumption, or expectation. There has to be hard, cold historical facts and figures (appraisal/ comps) to back up these numbers, or your calculations can eventually come out skewed. Garbage in, garbage out.