Amount of $$ to offer??

[Steve Leka]

I have found a reo property that I am very interested in. Like all others it is not in pristine condition. At first this house will be my residence, but will eventually be turned for a profit. My question is this , the asking price is $148,000.00 which is not bad for a move in condition home in this area. The house has been on the market for 6 months. With research I found that this hose was sold for a price of $117,00.00 10 months ago. The only visible signs of up-dating are new carpet and freshly painted interior, nothing else has been done. The house needs approx. $15,000.00 in repair and upgrades to bring it to being a nice home. These include siding and soffits,1 bathroom,and and new kitchen cabinets and coutertops. The $15,000.00 is the cost of materials alone I will be doing all the work myself. I guess what I'm looking for is an opion on a good $$ amount to start negotiating an offer. I have been tossing the figure of $120,000.00 around. As far as I am concerned whoever bought this house 10 months ago only put about $3,000.00 into it. Any type of advice is greatly welcomed. Thank you!