I have been mulling what to do these last 24 hours regarding those twelve properties. I'm analyzed and re-analyzed them more than I should have, and have narrowed the field down to six properties. With no response from the owner, I've decided to just submit a formal contract offer to him and put the ball in his court. It appears to me that he may be getting other offers, but I really can't tell for sure.
The properties themselves are really hard to guage as far as profit. Only one of the six I plan to make an offer on is empty - all the others have tenants. The lone empty property turns out to be the best as far as a Sub2 w/owner financing. Based on the property's financials, if I spent $1,000 in repairs (it was built in 2004, so shouldn't need much) and hold it for 3.5 months, I could make $15,000 on a deposit, about $270/month CF from the loan difference, and pocket close to $22k on the backend for a nice $43k profit. But all this is wishful thinking for now. Time to send the owner the paperwork to see if this is going to be a deal or not.
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