Found a property and need help with the numbers

[Sylvia Pomazak]

Okay....so...I found a property that may be potential for wholesale or even fix n flip. I don't know if I am doing any of this right but I'm a newbie so If I sound like one please forgive me. 

It's a single family 3.5 bedroom, 2.5 bath home. 
Asking price is 232,000 (RIDICULOUS) I say that because the home needs TLC from top to bottom (a lot of cosmetic things).

Refinish basement

New bathroom, new kitchen, update all floors throughout the house, landscaping

The owner does not live there, I believe he was relocated for his job. The house is being sold through a realtor and has been sitting on the market because the houses that currently sell at his asking price are already updated and upgrades and ready to move in. 

So I know one of the rules is 70% of ARV.

Should I sent a letter to the owner? Do I have to go through the realtor since he's selling through one. 

Thanks for all your input.