Is this a deal?

Tough to comp it out. So for the sake of discussion, let's go with the ZESTIMATE of $193,000
$193,000 x .65 = 125,450
If you were to pay the sellers asking price of 62,000 and wanted to make a profit of 30,000, that would leave you 33,450 for repairs. Good Luck. Assuming they don't blow the place up cooking meth before COE.

I would not touch this deal with a ten foot pole. I would not buy that place or market it to any of my investors because of the existing tenants and the rural location. Imagine the fun and expense of evicting those people! Not worth the headaches. To many good deals out there. You would be limited on what you could do, not much demand for that type of housing IF you got those guys out and fixed up the place. NEXT!

Michael

First of all if I was the owner Id get rid of the tenants( 1st major problem gone)It isnt hard to see why they could not get funding and some major issues with property( but not lost).That said Id check the location, run the comps and as Michael said its rural so that doesnt help but not completely lost, its a tough property most investors would pass on it.Most if not all would pass on this one just from the ad.That owner needs to get his property back under his or her control that would help him or her a lot.There is one thing for sure the sellers are motivated, highly motivated.Id like to know what the lease is, another problem if there making payments on time and not hurting the property.If I could see the property and see how rural it is there might be some hope, this would be time consuming not your idea type of investment property, most investors wouldnt waste there time with it.The owner saids wants out now so your left with the problems( all)a lot of time and patience on this one!!!!! It could be a diamond in the rough if all things work out in your favor if you do all your due diligence, but expect a lot of time, a lot of patience and money invested in legal fees, not for most and very low numbers would take it on if any. Much success Mike, sincerely, Jim

Jim, you can get the pictures of the property on zillow.

thats why they teach us to offer on vacant props. Great Michael & co.

It's hard to argue with those numbers:
From Zillow:
asking $62,000
Price cut: -$228,000 (12/17)
Zestimate®: $194,458

However, the trick is knowing the real value and what repairs are needed beyond what is disclosed in the craigslist ad.

Tony makes a good point about vacant properties.
I have had to deal with tenant problems in the past and I was the out of state owner with a big problem. I ended up working with (fully cooperating with) the local sheriff's dept to get the tenants out, but once the tenants had to leave their meth lab behind ;-o , I had to go in and fix just about everything in the house. in the end I barely broke even on the deal and it was a lot of headaches. But a great learning experience

I would offer really low something like:
asking > $ 62,000*.7 = $43,400 and see what happens.
sounds like the current owner just wants out.

good luck

-Kevin

good stuff Kevin good to see you on here btw welcome.