I have a potential deal in the San Francisco Bay Area and want to run it by more experience investors before I pull the trigger on it.
The home is located in a very nice area, the home is 40 years old and is located in a very desirable school district with the high school less than 1/2 mile from the home.
Sellers owes approximately 240000 on it and wants to walk away with 150000 in their pockets.
The home does need extensive repair to sell for top dollar. Both Bathrooms need remodeling and the master needs to be taken down to the studs and have the subflooring replaced. Kitchen remodel and flooring throughout the home. Landscaping front and back and new garage door. I estimate the repairs with be around 75K.
So if I pay 390K with 75K in repairs I would have 465K in the home and the potential profit would be 100-115K.
Would you enter into this deal?