A few people have emailed me wanting more information about the numbers on this deal. I was meaning to post them yesterday, but the post ran a little long.
I did a quick MLS search for the actives and solds in the last 4 months within 1 mile of this property. Here is what I came up with.
Solds range from a low of 160K to a high of 187K. Actives range from a low of 169K to a high of 229K. We will probably end up listing it for sale at around 170K or so. Price is the main thing that is selling properties right now, so ours will have to be priced at the low end of the range in order to get sold quickly.
Using the MAO formula, the purchase price is right in line with where it should be. For those not familiar with the formula it is:
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A.R.V. (After Repaired Value) * 70% - Repair Amount = M.A.O. (Maximum Allowable Offer)
$170,000 * 70% - $20,000 = $99,000
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