I have a 3 bed, 2 bath 1272sqft house under contract. The house is free and clear.
Asking price = $45K
Contract price = $36K
Repairs = guesstimating ~$15K
2008 tax appraisal = $112,835.00
Realtor CMAs (sold) for the area = $163K (average) with average DOMS = 49.
The area isn't the best in that schools are definitely graded poorly. The street/neighborhood looks OK I suppose but I wouldn't want to live there. This house (vacant) and 2 other houses (which are occupied) do nothing to make it look better. I suppose this is the typical ugly house. The house was built in 1951.
I was going to flip this to an investor for a finders fee (i.e. $2K-$5K), but I have another investor who want's to possibly partner on this. I will be meeting with him tomorrow. He is an experienced investor. I'm nervous he may talk over my head.
What are my options here?