The property was originally listed for $219,900. We are planning to buy it for $200,000. The house is less about 8 years old.
The house is in good conditions. No real renovation is required. We set a renovation budget for $3,000 as contingency funds.
The house was sold couple months ago to a builder for $235,000. The builder is the current owner. They build a custom built home to the previous owner. They made money from that sales. The house has been vacant for the last two months. Hence, there are still room for negotiation on this sales.
Based on the comparables, we expected the value to be around $215,000.
We have a confirmed rent-to-own tenant.
Using Lease Option program as the exit strategy, potential profit in 3 year will be around $37K