Analyzing this deal to make 20-25k profit.

[John M.]

I found a deal that I believe is a good one.

The property is listed at $320k and it has been on the market for over 200 days. It's a 1 story, 3bd/2br 1900 sq.ft. Houses sold within a 2 mi. radius and in the past 2 months have been 350-430k. By the looks of the outside and inside, it's definitely a rehab. People still buy homes around here at a good pace, so the market isn't as bad as others. New mall, new grocery stores and mini plazas, new residentials everywhere. The prices of properties have been decreasing an average 1-3k a month, but increasing by that much in other parts of the city. I don't think I'd be in trouble by jumping on my first deal. Though, I'm considering giving this deal to an investor if I can get the price down low enough.

The place is a complete mess, the garage is used as a bedroom, paint colors are neon colors, countertop tiles are black, everything is outdated by @ least 10-15 yrs, but no structural damages.

How much should I be offering on this REO fixerupper deal? I've heard 60% ARV is a good deal for rehabs nowadays if I can convince them; so $210k? Am I allowed to bring an appraiser or contractor to estimate cost of home/damages when I don't own the property?

Here's part of the property description:

Price to sell.
Great opportunity for investors/1st time buyers.
AS IS condition.
Buyers to satisfy themselves.

Thank you for any help!