Offer 1/3 of asking price ?

[Ryan K.]

Hi Everyone,

I'm triyng to think outside the box. I see a property in PA. It's MLS 16-5188. Zillow Link for house info.

In my opinion, having been to the property, I think it needs about 35K worth of work (possibly more). Much of the house looks like a dump inside, but it's in a desirable location A neighaboor told me last weekend that the former owner was a "slumlord", known for being overly cheap and not fixing things the right way. But he recenty passed away. The home is now owned by his wife. It's been on the market for nearly a year. Personally, I don't feel this duplex is worth anything even close to 199K asking price, but it's in a fantastic location where properties tend to always sell for a high value (Clarks Summit, PA) area. It's also zoned commercial and residenntial. I researched the family selling the peoperty, and they owned local businesses and seem to have been semi-well known, and wealthy. The neighaboor I spoke to gave me the owners name and home telephone number. I would love to get the property on the cheap, or even have them agree to seller financing, but I haven't yet mustered up the courage to call. 

So here's the question I've been building towards....If I offered 50K on this property, is that a scumbag move? I don't wish to try and take advantage of anyone but I have a feeing more work needs to be done that I'm seeing, and I'm scared to offer more.

Any opinions (positive or negative) are certinly welcome. I just aksk that realtors refrain from answering, because they tend to be biased. I also should point out that I do not yet own any investment property. I do happen to like the area this duplex is in. I have lots of family up that way, so I do have an incentive to want to house hack and live up in this area.