Real Estate agent brought me this

[Vince M.]

The owner is taking offers on an unlisted short sale property. It's a 4 bedroom, 4.5 bath 3767 sq ft on a 7840sq ft lot. It currently has tenants that have been there since 2007 paying $2200/month. Report is that they're model tenants. I don't know about repairs needed. Agent is suggesting offering $220,000. The 3 most recent comps within a half a mile and dated 2/2, 2/8, and 2/12 average $251,333.33. with the two most recent sales being over $250,000. They curently have no offers. Suggestions?

[Jon Holdman]

Paying $220K for a house that rents for $2200 a month will NOT yeild positive cash flow. It may yeild positive phony cash flow, meaning "rent - PITI". But real cash flow after all the expenses, vacancy, and capital expenditures? No chance.

But if you're going to wholesale it, its your buyers that matter. What will your buyer's pay for this?