"Newly Renovated" listing, the owner is having trouble selling

[Andrew Kelly]

I have a deal where I assume a house flipper purchased a home for $76,000 and put whatever repairs he had into it (The property does look nice) his asking price 290,000 which is way over what comparable houses have sold for in the neighborhood, he has had a hard time selling it, and I want to make him an offer. I going to assume he has put probably around 40-60k into the renovation, so I am thinking of sending him a offer of 175,000 cash, and then assigning the contract to a buyer ( for a wholesaling fee). There are 2 homes very close by that sold for $250-$260k.