Help! What am I missing?

[Wes Brumit]

I've made several offers using the 75% ARV formula, less repairs and profit and get basically laughed at. Example, house I'm looking at needs roughly $30k in repairs to bring it up to date. Comps around it suggest an ARV of $60 sft. In order to sell quickly I priced at $55. I know what the owners paid for the home, though I don't disclose that, they are asking 115k, my first offer was $74k. They have 100% equity in the home, live out of state and have come down from a high of 152k. This was almost three years ago and it's just been sitting there. They are using an agent would could be getting in the way, I don't know. Any suggestions would be appreciated.

[Brett Russell]

Wes,
I'm pretty new to this, but my presumption is that you are not missing anything... the sellers are just unrealistic and/or not that motivated.

I can't check your math because you spoke in terms of total price at some points and per sq ft in others, but assuming you did the math right, you've got to stick to it. Everyone says to expect to make a lot of offers before one gets accepted.

Keep looking for the next potential deal.

Brett