Wholesaling off the MLS - Making offers and Follow Through

[Khenan Newton]

So I contacted a real estate agent to get comps on a few properties I was looking up, and they weren't good opportunities at all--the ARV's weren't high enough for the price they were asking. I abandoned those properties after he suggested I look into a different property that he found on the MLS and sent over to me.

It was a total gut rehab that the seller was asking $69.9k for. The agent said it was a good price since he found 1 comp that sold for $148k across the street from the property we were looking at. I did the numbers and calculated that a good price to buy a property worth that much would be.

I used this formula: 

Max Offer = (Rehab cost + profit + closing costs) - Wholesale fee

Plugging in the numbers I got:

((1560sqft x 30) + 29600 + 14800) - 5000 = 86200

So my max offer would be $86,200

At first I thought I would jump on the asking price of $69.9k, but my only doubts were that the realtor only gave me 1 comp because the other properties in that area had been sold at auctions for rock bottom prices.

If the realtor had given me 3-5 comps I would've been a lot more confident to say go ahead and accept the $69.9k, but I'm relying on being able to wholesale the property to an investor once I have it on contract, and I don't know what I could prove to them by showing them 1 comp.

Should I have accepted the $69.9k 1 comp property?

Any insight would be appreciated.