Pricing Strategy - Look at these #'s

[Anthony C]

Based on numbers below only, considering the house is a small 3/1.5 cape, with very little to no updates since it's purchase in '97... where would you highly experienced SFH investors structure your bids? I know there are a lot of assumptions to make, but just assume the house needs a little TLC (landscape,paint,carpet,etc) to get in in rental condition.. i'm just trying to learn how you guys are getting deals these days. This is in a great neighborhood in central NJ, desirable area... but prices still seem high. I think if i got into this house, it's value would continue to drop..

is it just not a good time to purchase?

Price History
Date Description Price
02/22/2011 Price change * $349,900
12/11/2010 Listed for Sale * $389,000
10/13/1999 Sold $270,000

I would want to bid no more than $300k for this house, there's such a wide spread between buyers/sellers in this market it seems impossible for me to get started..
-AC