Numerous offers on property

[William Ware]

This is a the second property that I've found that I'm interested in and on the same day as it was listed the Realtor has informed me that there are several offers on it. This example is a 3/2 SFH in a great neighborhood in the metro Detroit area. Asking price is $21000 and comps in the area are low 90's for the same sq feet. My question is "How much over the asking price do I go?" This would be my first flip but my back up plan would be to lease. Here are a few of my estimated numbers.
Tax- $3700
Rent - $800-$1000 (if i decided to hold or due to the slow market)
Rehab $8000
My plan is to offer $25k with a ceiling of $30k

Bill

[Eddie Ziv]

Bill, the answer is in your last paragraph of your post. You stated that you're willing to go with $25,000 offer ceiling at $30,000. Well, this is the answer. Away think what the property worth FOR YOU. Having being in the same situation myself more then once, I always ask myself what would the property worth for me and what I can afford. Don't get into a bidding war. Most of the time you loose either by paying too much or not getting the property for bidding too low. If the property worth $30,000 to you. Bid for $30,000. Don't go for the $25,000 since you already agreed to go all the way up to $30K. Just make sure that you found all the facts and your numbers are right.