HELP! Not sure what my offer should be!

[Kelvin Washington]

What's going on BP?

I'm getting things rolling with my new wholesale business venture. I began my direct mail marketing on 4 Jan 12, by sending out 366 postcards to absentee owners. Lo and behold, by the 11th of Jan, I had received approximately 20 calls to my toll free number (half were hang-ups). I also got 6 via my squeeze page.

One gentleman in particular that left a message, wanted to part ways with 5 of the 6 investment properties that he owns. The properties' ages range from 1961-1980. He stated to me that he was soon to 79 years old, retired Army officer, well-off financially (says that he doesn't need the money), and was tired of managing the properties himself. He resides approximately an hour from all of his properties.

He also informed me that he would give me a deal that I wouldn't believe. At one point in time, he owned 36 properties. With that being said, he stated that he knows how the business goes and he knows that I'm not looking to lock the properties up at FMV. This past Thursday (19 Jan), I drove him around to look at 4 of his properties...3 had tenants and one was vacant. The tenants in one of his properties are living foul, inconsistent with making payments and are behind on their rent.

I'm interested in two of them with tenants and the vacant one. The problem is...I have no clue what to offer him for each property and he doesn't want to give an asking price. I had my RE agent to pull the COMPS on the vacant one and the smallest rental (still waiting on the other rental). He and family left this morning to visit Cambodia, Laos, and Thailand. He will be back in two weeks and I want to have my ducks in a row when he returns.

I know that this post is getting long, so here is a break down on the two that I have the COMPS for:

Vacant
SFH
3/2
1,601 sq ft
Yr. 1973
Partial Basement
No more than $10K in repairs (appliances, counter tops, cabinets, sheet rock work, carpet and other small cosmetic work).
New roof and new tile in kitchen, bathroom, and basement.
He bought it in 1991 ($46K), sold it in 2005 ($80K), and bought it back in 2009 ($76.8K)

COMP#1
3/2
1,368 sq ft
Yr. 1972
Full Basement
Sold for $60K on 10/07/11

COMP#2
3/2.5
1,540 sq ft
Yr. 1968
Crawl
Sold for $40K on 10/07/11
Rental
SFH
3/1
975 sq ft
Yr. 1961
Full Basement
No repairs needed at the time
He bought it in 1977 (no price on county records), sold it in 2005 ($62K), and bought it back in 2009 ($59.4K)
Rent: $600/month
Rents in the area range from $700-$850

COMP#1
3/1
831 sq ft
Yr. 1957
Crawl
Sold for $66.5K on 10/05/11

COMP#2
3/1
1,052 sq ft
Yr. 1957
Crawl
Sold for $38K on 12/22/11

WHEW!!! That was a lot!!