Trouble calculating ARV... possible good deal or just pass?

[Brittnie Stewart]

This is a really tricky situation I'm in and I'm not sure my next move honestly.

I'll give you a little background on the house up for question and the situation.

The house is a 4 story row home in Baltimore City, go one street over, you're downtown. It's 3,570 sq. ft., 4 bedrooms, 3 bathrooms, end unit, a block over from Maryland General Hospital, few blocks over from University of Maryland School of Medicine and Maryland State Tax Building, and directly across the street from a historic park and church.

I got a friend who has access to MLS to pull some comps. The only one that has sold within the last year is .42 miles and sold for $577,555. In Baltimore, that is a lot of money and a pretty big distance. The last time a house on the same block as my subject property sold was in 2008 for less than $5,000.

With that being said, I have nothing to go on. I do feel like the area is pretty good and could definitely sell but where do I start negotiations with my seller. Not to mention I have not seen the inside of the house yet because he doesn't live in Baltimore and he wants to hear a number first to determine if it would even be worth his trip to show it. So, I'm not even sure how much work it's going to need but I'm estimating around $80,000-$100,000. It's an older place so I know it will need some updating, and you'll definitely have to put some beautiful finishing touches if even considering anything close to that $500,000 range.

Sooo... any suggestions or thoughts? By the way, he seems VERY VERY VERY motivated to sell.