20% Discount (on ARV) in Northern Virginia (NOVA) market?

[Nilesh Makhija]

Putting offers on a property at 20% discount based on the ARV, is that reasonable or that's long gone. Just looked at the CMA for Prince William County and mostly properties are selling for listing price or more than that. My exit strategy is cash-out refinance(70%) and it should yield atleast 10% for COCR.

Is it unreasonable to find properties at 20% discount in a market (Manassas, Woodbridge, Dumfries) which is almost saturated. Few foreclosures, few REO's make it difficult to find properties. These properties are condos/town-homes 3 bd /2bath.

What marketing strategies are you using to target such properties?

Thanks in advance

[Nilesh Makhija]

@Kevin Hunter - I did put few offers but was outbid by other investors. The market is rough and the cash offers are trumping financing offers. 

Where was your property located? Prince William County? thats my area specially 20109 and 20110 zip codes..

Nilesh