Wholesale deal or No deal. Figuring out comps and what to offer

[Miyako Boyer]

Hi BiggerPockets 

Ok so I wanted to write a post to get feedback to see if I'm on the right track on figuring out the comps and what to offer the seller on this particular property. I recently came across a podcast on someone who wholesales houses and uses a formula and wanted to try it. There is a property in Nashville that is for sale by the owner for 89,900. I did the comps on it. I went on Zillow and found 3 houses that sold for the cheapest and 3 houses that sold for the highest within the last 90 days, to get the average with the same square footage and number of beds and bath. 

Cheapest- 

1. 130,000, 

2. 150,000, 

3.140,000

Highest 

1. 225,500

2.264,900

3. 175,000

I then calculated the repair cost by taking $20.00 per square footage which came out to about 21,000 in repairs.  

According to the formula I should be offering 99,060.00 and my profit would be 20,000. In my eyes it doesn't make any sense because I would be offering more than what they are asking. 

There has to be more work involved when figuring out comps and what to offer a seller then just doing a formula.