Help advice needed

[Jesus Villarreal]

I'm currently interested in a property that is 3/2 with attached garage. The owner is wanting 50k since that's what the home is valued at on the tax rolls. In speaking with my friend who is a real estate broker he believes the house is worth 75k with around 6k in repairs, 1400sqft.

If I understand the 70% rule the deal lays out like this:

75k X .70 =52,500

- repairs 6,000

= Mao 46,500.

I've offered 40 k and the owner didn't budge . Before I offer 45k I was wanting to get input on weather or not this seems like a good deal. I plan on going conventional 20% down.

Thank you !