Urgent, please help!

[Corey Keller]

I have a motivated seller currently meeting with a rehabber. He inherited the property when his parents passed, come to find out the house was copper mined, basement COMPLETELY flooded(up to the floor joist - which are apparently ruined) and from what he's saying the house needs to be torn down.

There are about $50k in back taxes owed and he has until the 15th to pay $4,400 cash to the county. I haven't been able to get a hold of my REA, and the comps I'm finding online are over a mile away. I'm finding myself stuck, but feel like this could be an amazing opportunity since the property sits on 3/4 acre in the heart of the city, which leads me to believe it can be subdivided.

He also said he would be VERY happy to get $70-75k for the property, so should I offer him around $15k and offer to take care of taxes/closing costs? 

Am I in over my head on this one?!

[Alexander Felice]

Don't' make an arbitrary offer.

What will it cost to tear down, What will it cost to rebuild the house, What can you sell it for afterwards. How long has it been on market? Once you have the costs you can work backwards from there.

 You need a lot more information to make a good decision, or post more information you already have so people can properly help you.