Buying Riverfront House from Probate - Over Listing Price

[Casey Reuss]

Hi Everyone,

I'm seeking real estate investor opinions on this property that I'm steps away from submitting my offer. It's a 2,000 sqft home in a $600k - $1.2m surrounding home neighborhood on the river. Highly desirable location. We plan to do an owner-occupied flip, so live in it for at least 2 years as we've done with our first/current home. It's listed at $450k, and needs approx. $50k - $60k in repairs. My realtor performed a comp analysis and from that data it seems to have an ARV of about $650k. Maybe more because it's riverfront and there aren't any riverfront comps. Maybe less because it's an older home than these beautiful comps.

I need some advice. Should I put a competitive offer on this home to win the bid and try to negotiate during inspections and get this home at around $450k?

Thanks, Casey