does the 70%/80% rule exsist?

[Oren Kachel]

after studing and following for a few mounths ,after a few markets, I cant find deals that in that ball park rule.

ive seen a 120k property, that need a repair for about 40k, so obviosuly I will offer less the 80k.

but I cant even find an already sold properties that when I look at their price history (Zillow/Redfin) I see that the listing price, was X, and they were sold for less that 0.8X, or less than 0.7X.... not mentioning even  lower prices that include repairs ( in the 100k-120k properties there is always a repair).

am I missing something?
is it a myth?
am I looking at the wrong markets?
is that rule only available in off market deals, or in a  for-sale-by-owner?

any recomendation for a new markets wich are friendly for a far away out of state investor? 

Oren

[Waylon McCulloch]

If that 120k property is the ARV, then you should be close to 47k if those repairs are accurate. They definitely do exist. PM, we find them often and wholesale quite a few.