HELP! Special Purpose 'mini mobile home park' valuation.

[Adam Diaz]

Hello Bigger Pockets Community!

Been creeping in the shadows for a while.. Guess it's time to show my face! So, if this goes well, this will be my FIRST true investment property. I have an opportunity to acquire a 4/2 house with a second lot that has 4 tenant owned trailer lots for $200 each (which could be raised). It is part of an estate sale and the asking price it $199k. The roof and hvac for the house needs to be replaced and a few other minor repairs. The home could rent for $1100/month with no real upgrades inside and possibly $1300-$1400 with some strategic renovations. 

This is my first time entering into a negotiation of this kind and would love some suggestions or feedback. The estate is currently being sold by 4 separate siblings and i think it is priced high if it is just the house, but not sure how to value or what to offer because of the lot rent income. What would be the best way(s) to initiate an offer? How would I go about to Should I just make a single initial offer? should I make multiple offers? or should I try to find out the sellers' motivation first? 

Thanks!

[Bryan Mitchell]

@Adam Diaz, Estate sales are often subject to total unanimous agreement from those who have inherited the property. Never be afraid to ask questions, but estate sales often take time because many family members will hold out for highest price. They may not be in a rush. Find out if this is the case.