Approaching a homeowner about purchasing their outdated home

[Justin Coulson]

I want to approach a homeowner about purchasing their home. It's not for sale. It's outdated and an eye sore in a red hot neighborhood that I'm very familiar with. I would love to flip the home, but don't know the best way to approach the homeowner. Door knock? Mail a letter? And should I mention price initially or just ask if their interested in selling at all? I believe it's worth around $200,000 as is. Any tips or suggestions would be greatly appreciated!