Gutted 10 Unit Apt Building in upcoming area

[Esmeralda Garcia]

So it is owned by a realtor, it's been gutted so needs full electrical, plumbing, windows, doors, drywall etc. Once complete the unit could be worth 350k. A year ago it was sold for 80k. It is in an area that has not fully come up. I'm having a hard time trying to figure out what is a good price to offer. Owner says rent could be at $900/unit but other rents in the area only show roughly $700-$750 high side. I'm guessing at least $150k to renovate. Trying to get numbers from contractors for this. It has a building attached that I wanted to convert to a laundry facility that could bring in more revenue. I think the units can be rented quickly but don't want to get over my head on this. Any thought please let me know what I should be looking out for. Maybe new plumbing run to meter. Will not have gas so I don't have to worry about that. 200k just seems like too much in it's condition. Really thinking of offering 150k? Is that too high? Too low? It will be a cash offer. Later I will finance.