Wholesaling a property with 2 additional lots

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Hello everyone,

I’m new to BiggerPockets and about 6 months into learning about wholesaling. My first venture into real estate was an absolutely horrible rental property investment in 2017. Invested savings without any knowledge and lost it all.

My question is about a current lead I’m working on. The property I found driving for dollars is for sale by owner and I got lucky the owner was home so I stopped to spark up conversation. He owns 3 lots, 1 lot in the middle of 2 vacant adjacent lots with a home in great condition. He’s asking $210,000 for it all and I’m in the rapport building process so I haven’t made an offer yet. They own a new home in another state and travel back and forth between the 2. The issue I’m having is the AVR for the area is $150,000 and my maximum as-is offer is kind of insulting. Repair cost are minimal on the existing home, maybe $3-5k for a new furnace. There are no other lots around there with 1.5 acres like his current set up. The 2 additional lots are already subdivided by the city. I’m looking at the 2 additional lots as potential new builds. I’ve seen an average cost for a 1,500 sq/ft home around $167,000.

How can I figure out numbers with the intention to sell to someone who will build 2 new homes?

If the numbers make sense, I want to make a fair cash offer so I could just be overthinking this.

Thanks in advance.

P.S. He has been dealing with a buyer trying to get approved for a mortgage and hasn’t heard anything for a couple weeks.