Low but Reasonable offers

[Jennifer Servini]

Hi All,

I have spent a good part of my day browsing the site and getting a good education.  I am very thankful for this community.  

I am interested in a three unit buy and hold property that needs a total rehab.  Based on running the numbers I would be comfortable being all in on the property at $190K (this is based on financial analysis as well as using sold comps in the area).  That being said, the property need a kitchen, 1.5 baths, flooring, drywall, heating / air, water heater, sliding glass door and paint in each of the 3 units (approx. 1,300 sq ft each unit).  Does anyone provide rationale to the bank to accompany a low offer?  In addition to the above listed repairs, the city is requiring that the incoming water line be split into three separate lines in which will cost an additional 18-20K to accomplish.  All in I would estimate repairs to be $85-90K.  I want them to understand the cost of the repairs which I would then deduct from the potential value to come to my offer amount.  Does anyone have a technique that works?  Do I need to get actual estimates from contractors?

Thanks!

Jen