Making an Offer on a 3 Unit to Assign

[Benjamin Barredo]

Hey guys. I am going to meet a seller tomorrow who has a 3 unit (2/1, 1/1, 1/1) property that wants $140k. She's motivated because even though I actually tried to brush her off to another wholesaler because she's just outside my farm area, she keeps calling and emailing me as if the sell is urgent. 

Based on local rentals (most places in this area rent by the week because a lot of the population lives here seasonally) this place could rent as follows:

$1800/month or $21,600/year. Still, could be more if it were turned into a nightly tourist rental (like an AirBnB) or rented by the week like a lot of places do in this area. 

Anyway, my question is this, do you think $120 is too low? 

The owner thinks the property is worth $250,000 but based on comps it's more like $225,000 to be conservative. 

225k x .70 - 20k - 10k = 127.5 

Or is it too high? Last house I got under contract was for too much money and I had no wiggle room to negotiate with buyers. If I knew then how much less than the buyers were going to offer compared to what the sellers wanted I wouldn't have even taken the contract. 

So, where should I be on this before I meet her?