Arizona State University FIN FIN MISC You are considering the purchase of a distressed property. The price is $476,500, and you believe that you can complete the required repairs and…

Arizona State University FIN FIN MISC You are considering the purchase of a distressed property. The price is $476,500, and you believe that you can complete the required repairs and…

You are considering the purchase of a distressed property. The price is $476,500, and you believe that you can complete the required repairs and renovation and re-sell the property in twelve months. You can finance the purchase with a $381,200, 6.5% interest-only loan. The costs associated with acquiring the property include legal fees of $2,500, an inspection fee of $1,500, $16,500 to pay off an existing lien, and loan closing costs of $7,000. A thorough and careful assessment of the work required results in an estimated total repair and renovation cost of $85,000. You anticipate paying a broker commission of $9,500 upon sale of the property. If you require a return on investment of 18% for such a deal, what price would you have to realize after twelve months to make this a desirable venture?

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