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Updated over 10 years ago,

User Stats

36
Posts
6
Votes
Tyson Bumgarner
  • Real Estate Investor
  • Ft. Benning, GA
6
Votes |
36
Posts

How to nicely low bid on a stale property?

Tyson Bumgarner
  • Real Estate Investor
  • Ft. Benning, GA
Posted

So I have been searching around and I found a nice little 4-plex around my area. I didn't talk to an agent or anything yet, but thanks to zwillow I saw that it was purchased in 2013 for $152,000 and comps are $280,000+ range. I looked up what its rents are and it says $600-ish a unit. I did the calculations and this doesn't even break .4 on the 2% rule. It would cashflow $120 a month. Obviously not a good deal at it's listing price. But it has been sitting for 200+ days now. I'm not sure if the seller is just waiting for an unsuspecting buyer to make his payday or what?

So whats a good way to ask for a price that would work for me? I haven't done the math yet, but I would guess I would need to get it for a least $300,000 or less for it to work at all.

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