I found a home that is a new build in an up-and-coming area in my city. The home needs $40,000 to complete construction. Everything is basically done, it's mostly cosmetic work. It has passed plumbing and electrical inspections.
Anyway, I can buy the property for $149k. The builder has run out of money and just wants to cut his losses. I have looked at comps and similar properties are running for $260-$290k in the area. It is a 4BD and a similar 4BD with the same square footage is listed at $335.
Should I get this under contract or will most investors shy away from this deal. Probably 4-8 weeks to complete construction.
As an aside, he has had the property listed for 3 days at $160k with his buddy who is a real estate agent...
Any and all advice would be appreciated.