Reasons for Buying City-Owned Property

[Jonathon D'Amato]

Hello BP!

I've seen many many posts on opportunities to buy city-owned property, so apologies in adding another to the mix. 

My questions regarding these properties are very specific. In the inquiry form given to me by the city, there are a a few questions they ask:

1. Reason for purchase?
   1. I'm thinking either flipping the properties or renting them out (or combination of both). Is there a desirable way communicate that in order to stand out from a sea of investors that have no regard for the property/neighborhood?
2. What will be done with the purchased property?
   1. Is this different than reason for purchase in the case of rehabbing/renting? One of the two properties looks to be in GREAT condition (past MLS data; I do understand that much could have happened in the in-between). The other I'm not so sure. I'm assuming something like "improve home and property" is the way to start out?
3. What is the offer amount for the property?
   1. This is pretty straightforward, so my question is: To anyone with experience buying city-owned property, is there a general profit margin they are looking to get? Between the 2 houses I'm considering, the County sold them to the City for a total of $9,106. Is a $10,000 offer laughably low? I'm working with about that figure cash right now and would like the most bang for my buck.

Lots of information here and if you have any questions let me know. I appreciate your time in reading this.