Offered $14,000 for a house and it was accepted.

[Derrick E.]

It was a For Sale By Owner situation and the guy didn't even list pictures of the place. He was asking $20,000, and the property had been listed for well over a month. 

I went and looked at the place. It's actually a pretty nice but small 2 BR house. After the repairs/upgrades I should be able to rent for a minimum of $600/month. Rentometer has 2 BRs in the immediate are going for an average of $628/month. He has been renting the place for $500/month.

After looking the place over and knowing he most likely didn't have a lot of serious interest and limited to all cash buyers, I made an offer of $12,000. After negotiating we settled on $14,000 all cash. I'm giving my self an all in budget of $20,000 ($6,000 for repairs and closing costs.)

Repairs/Upgrades

Replace a small section of sub floor in the bathroom

Put new laminate flooring throughout the 800 square foot house

Install heat pump unit