Not sure how much I should offer on this probate lead

[Thomas Swindell]

My wife and I use Jerry Puckett for our direct mail here in Central Florida and we got a lead in a few days ago. This is a probate lead, they're ready to sell the house but have no intention to sell with a realtor on the retail market. 2 properties on a double lot located downtown Orlando in Thornton Park. Front property is a 2/1, 1100 sf. There is a garage/duplex in the back totalling about 1000 sf. They are both 1/1s on the tax appraiser, however the upstairs apartment has 2 bedrooms with one of them not having AC (which can be fixed during renovations). 

Both properties need about $150,000 combined in renovations. Old 1924 wood frame homes that have never been renovated, lots of termite damage, houses were recently tented. It's on the Thornton Park historic registry which scares me even more as there are historic architectural requirements that have to be adhered to during renovations.

I think this property would go for $400,000 ARV if renovated properly. However this isn't a good flip opportunity since they want $250,000 for it (which I think is absurd with the amount of work that needs to be done). Needless to say, sellers don't seem very motivated yet. I get interested at $150,000 purchase price.

The only play I see here is to wholesale it to someone looking for some cash flow on a rental property. 5 bedrooms in Thornton Park could generate $3k-$4k per month in rent depending on level of renovation to be done. I don't think I could come up to $250k but I would think I could find a buy and hold investor willing to pay more for this than someone like myself looking to fix and flip. 

You guys have any ideas what I should consider offering based on the amount of renovations needed and the amount of cash flow this could bring in for a buy and hold investor, and still leave a little room to make some money on the wholesale transaction?