Posted by Lyal on March 15, 2006 at 09:48:25:
Eric,
Just my opinion but I wouldn’t bother with this. Using your 117K FVM which I’m assuming you established this with solid, recent comps not from anything anyone told you.
Top 10% is AIR so use 105K as a working number. Subtract rehab costs (incidentially 3500 bucks is really cheap, I’m hoping you’re an experienced rehabber, if not double the amount), closing costs, holding costs, resale costs, you’d need to get this for ~70K total meaning the second would need to go away completely and the first would need to discount.
Lyal