knowing it's a deal without running the numbers?

[Jonathan Thrasher]

Do you ever find deals that seem to be home runs even without running the numbers?   Obviously I know you have to do the numbers is very important but sometimes I seem to find deals that just seem like they couldn't be bad.

I found a listing on the MLS the other day for 140k in a very good location where once renovated I'm sure could easily sell for $375-$400k+. The fact that it's even on the MLS and hasn't been snatched up leaves me a little curious and cautious. There have been 4 offers that fell through because the bank wouldn't finance it in it's condition so now they are only taking cash offers. I'm not sure why the listing agent didn't say only cash from the start.

It's a 3/2.5 over 3000sf on a lot that's almost 1.5 acres.  

I'm a newbie so I'm probably missing something but I can't imagine this being a losing deal.   

If anyone else from Grand Rapids, MI or West Michigan want to discuss please contact me.  If it really is a good deal, I'd love to parter with someone.  I have equity in my home that I'm planning on using to invest.