Motivated seller...Deal analysis? Just questions

[Scott Titus]

Hello, 

Working on my first potential deal. Seller had it listed with an agent for 86k. It is really outdated but no more than cosmetic needed. House has been on the market for 135 days with no offers. House was recently broken into and all copper pipes stolen out of basement causing a water leak. The basement is unfinished. ARV 85k. The seller is an absentee owner who is just tired of the house and wants the burden gone. Her exact words. Not sure how much to replace pipes etc...thinking 15k is a safe bet. Not a great flip area, as most properties are rentals. Market rent $1056 median, 1025 average. I know the formula for flips 70% of ARV etc... Do landlords follow the same rule? What would you offer? Any advice or tips.. Am I in the right area for posting? Look forward to reading your responses.