Houston Harvey Flood Property Negotiations with Seller

[Kala Frazier]

I'm a new investor and I'm working on my very first deal that was damaged by Hurricane Harvey. The seller is asking $750K, wants a 10 day feasibility study, and wants a 5 day close. The property is vacant and the owner doesn't know what he wants to do with it just yet. The property needs to be completely gutted. His lowest ask price is $750K but the comps are running around $290K-$300K. The retail value of the homes pre-harvey were no where near his ask (around low $400's) Can someone please provide advice on how to value post Harvey properties? Also, is a wholesale strategy the only thing you can do in this scenario?