What should I offer?

[Keith T.]

I am looking into purchasing a two-family multi property as a primary residence in NJ. The home was purchased in 2018 for $345,000 from an auction. The first unit was renovated, new kitchen and bathroom, floors were sanded and glossed, walls painted. The second unit was not renovated whatsoever. The kitchen and flooring at the minimum would need to be done. They also have the second unit listed as a two bedroom but one of the rooms is very small, about 10x5 with no closet space. This wouldn’t bring in too much profit as far as rentals go. Their listing price is 688k. I understand everyone needs to make a profit but I feel the price is a bit steep for what little renovations were done and what renovations still need to be done. I want to offer something reasonable. What would a safe offer price look like?