First Possible Deal?

[Kyle Affronti]

This would be my first potential deal in the real estate industry.

I came across a property... Spoke to the owner, and I may be going to see the property in the next couple of days. Here is the current picture.

I found a property that is for sale, the owner is asking $55,000 with lease option as a possibility, it's a single family 2 kitchens, 2 baths, 3 bedroom, but the property is zoned 2-Family Residential and can be split into a multi-family split-level apartments. It needs work, Roof may need replacing, Driveway needs to be redone, cosmetics, painting patching etc... and some dampness in the basement but may just need sealing. I plan on bringing a contractor with me when I go see the property for a repair estimate.

I'm setting up a meeting with them this week, but I'm still a little unsure as to how to best approach the situation. Can you provide some insight? Trying to determine the best way to negotiate the property because I believe he still has a mortgage on it I don't see a discharge of the mortgage in the records, but that also brings up a question for me as to how can I offer a lower amount of the property than what he owes on it. He moved down south, no longer is in the area, seems motivated, and his neighbor is who will be showing me the property.

Single Family Comp last year same street 3 bed/2 bath sold for $97,000.

What are my options here and how should I approach this?