Please help me figure out if I have a deal here.

[Sean Davis]

Hello all!

First let me say thanks for your patience. Some of you answer all my questions and I really appreciate that. I know it must be annoying but I swear I try to get it answered myself before I post.

Here's the deal, I went out today looking for properties. I don't have much money right now so I made myself up some nice little business cards and I put them in the mailboxes of properties that have the potential to be deals just based on their looks. I found a neighborhood that seems to be a good neighborhood but some houses were super nice and well maintained, and others were vacant and distressed. I rolled up on a property and saw an older lady and her kids inside cleaning it out. I approached them and asked for general information about the property. It turned out to be a lot with 3beds and 3baths all in seperate units. So 3 1bed/1bath apartments (if thats what these are called) on a 2100 sq ft lot. She has owned the lot for a few years now but first aquired it in 1982. She feels one of the units should be torn down because of storm damage in the past. I have never looked at anything outside of 3/1 and 3/2 so I don't know what to think about this place.

The words out of her mouth was she feels the ARV of the property is around 55k. She was once with a realtor who wanted to list at at 70k and she thought that was too much. However, she ended up cancelling her contract with them because of some personal issues. Because I am very inexperienced, I didn't want to just go crazy popping off at the mouth about what I can and can't do. All I know is that she wants the property gone. So... I was on a Rehablist dot com conference call the other night and I heard them speak of RealQuest dot com. I got on there when I got home from looking at her property and started a trial membership. I looked up her property and found information that I don't fully understand what to do with.

It's in her name so atleast I understood that part. I opened up the "Legal $ Vesting Report just by chance and I came across some information. Under "Tax Information" I see...

Tax Year: 2006
Assessed year: 2006
Property tax: 565.00

Total Value: $92,922
Land Value: $7,000
Improvement Value: $85,922
% improved: 092%

Also under "Automated Valuation" it was stated that the estimated value range was $90,000 - $118,000

Now like I said earlier, she felt the ARV was around 55k. Now I see this information through realquest and it excites me. I just know I'm not experience enough to know if this is a good thing or not.

Can someone please help me understand what those tax categories mean? And for you experienced Investors, can you give me some insight as to whether or not those things mean anything to me or not? Also, it couldn't pull any comparables for me. All I could do was look up the same info on surrounding adresses.

Please help :(

Thanks a lot guys!