How does this offer sound?

[Ken B]

According to the info from the owner and neighbors, the owner moved to out of state about 5 years ago, and the house has been vacant ever since. The house is located in NY, about 20 minutes from NYC. I took a look at the house and it needs landscaping work, TLC on the outside and inside and the basement is unfinished. It is a 3 bedroom/1 bath, with kitchen and eat in area, living room, and attic. Lot area comes in around 6850 square feet, and the house is about 1000-1100 square feet. The owner said he is asking $350K.

The ARV comes in around $415K - $450K.

I plan to wholesale this house.

Based on a 65% wholesale formula,

Here is my offer:

$415K * .65 = $ 269,750

$269,750 - $50,000 for updating, repairs etc(does this figure sound reasonable?) = $219,750.

$219,750 - $19,750 for my assignment fee = $200,000.

So $200,000 will be the final figure.

Any productive input would be greatly appreciated!

Thanks, Kenny