Ethical pricing for a flipper -- How low is ethical?

[John Laney]

How do you ethically price houses that you are to buy and flip?

It is pretty easy to determine the maximum amount that I'll pay for a house but it is a bit harder for me to determine the minimum amount that I will pay.

For example, the maximum amount that my partner and I will pay on a property is a price that gives us a 10% return (or buffer in the event the ARV goes down). Using the 70% rule this corresponds to about 75%

However, I'm struggling a bit with how low I should go. I'm in discussions with a distressed house, (with all the sadness and issues that a distressed house has) and the owner just wants it gone at a "fair price".

How do you determine what that "fair and honest" price is when the owner just wants it done?

My initial thoughts are to buy it at the 70% rule which equals an approx return of 15%.

Any other considerations on how to set a price while also treating my fellow man properly and ethically?