Give me your Highest and Best . . . Help!

[Kevin Powell]

So my wife and  I are looking at our first deal and could use some input.  List price is 76,400; AVR is $140,000.  House is clean and in need of very little repairs.  Max $5,000.  Small kitchen needs caninets and countertops and then a few cosmetic things.  

We offered $82,600 and the next day we were told to give our highest and best by tomorrow at noon.  Feel like I am competing against myself.  We could have it on the market within 2 weeks of closing.  

70% rule would be $93,000.  (140,000 * .7 = $98,000 - $5,000 = $93,000). Max offer of 93,000. Financing and soft cost are approx. $10,000 so our profit would be approx. $32,000 (140,000 - 98,000 - 10,000).  

We may be bidding against someone who will live there and I fear a 93,000 bid will not get it done.  Because there is so little work should work to do should I consider breaking the "rule and going higher?

Bottom line.  If we bid $106,000 We make 20,000 which we would be happy with for 2 weeks work.  Are we out of our minds to overbid the asking by $30,000?

Looking forward to a few comments.

[Christopher Phillips]

@Kevin Powell

The ARV sounds off. You don't take a $76K house and add $5K and suddenly it's a $140K house.

If the ARV is off then the whole analysis doesn't work.