Advice on this

[Jason S.]

Hello BP:

New guy here working numbers and information on a few things but have one I found today that I could use some advice on.

Property Info:

2Bed/1B

927sqft (it looks a lot bigger in pictures and drive by??)

garage

.26 acre

2014 tax assessment = $154,000

Close to two major highways (actually land abuts major highway)

Zillow Zestimate: $154,000 (which is exact with tax assessment)

*******************.com: $227,576

appraisal.com: $200,352 - $271,064

Properties on that same road and next street over are all showing in the high $300,000 values (according to the web) ranging in size.

I don't have MLS access as of yet so that's why all the numbers from the web.

Looks like they listed thee property 8/2013 and removed listing 1/2014 asking $130,000

It does have photos listed on the above sites and shows a flooded basement and the potential for updating. I would guess on the high side of $30,000

It is vacant and the owners are in town.They purchased this property via tax lien/sale/foreclosure for about $5000 (<---yup that's right)

I would like to get in touch with them for more info on what their plans are but since they did list it I believe they are looking to sell. Not sure if they are "motivated" or not though.

If I go with the $130,000 they were asking here is what i think.

130,000
x .70
= 91,000
- 30,000 in repairs
= 61,000 - offer

OR would you go lower since they only paid $5000 in 2011 I would be wholesaling or assigning it so there may be a fee in there somewhere as well. I believe this to be a desirable Central MA location.

????

Any advice would be great!!

Thanks in advance!!!