Are package deals a bargain?

[Carleen L.]

Hello, hive mind! I have a deal that I could use some feedback on from the group.

I specialize in SFH, and recently ran across one for sale a block away from my latest acquisition. I looked it up and realized that the property owner also owns a second SFH nearby that I have had my eye on for months. I asked my realtor to check and see if they would be interested in a package sale. They said yes, and came back with a price much higher than I expected. The ask for the one currently listed for sale is $85k. The package one they want $90k. The $85k is 2bd/2bath, walk in closets, no garage, $825/month, and is appraised by the city for $74k. The $90k is a 2/1 with reach-in closets with no doors, a 1 car garage, renting for $850. It is appraised by the city for $63k.

Both houses have tenants already, and are in similar state of repair with recent floor replacements and in moderately good condition.  Both houses were purchased around 2011, neither seems to have any other major repairs/upgrades beyond the flooring. 

Because this is a package deal, and they hadn’t listed the second house, I was expecting something noticeably cheaper. Their package asking price price is  $175k, I was hoping $145k or at least $150k.

Am I being unreasonable in thinking this should be much lower? I can’t understand how a 2 bed/2bath walk-in closets asking price $5k less than a 2/1 with a garage. 

If you were making a cash offer, how would you structure it and how much would you offer?