Analyzing South Philly Deal

[Antoine Joseph]

I'd like to hear some opinions on a deal I am negotiating. I am looking to wholesale a 3Br/1 occupied row home bringing in $650 a month. The owner is a tired landlord that would like to make $70k on the deal.

The most recent cash deals for a quarter mile radius are $50k, $53k and $95k. The first two were both 2br shells and the 3rd was a completely remodeled duplex. I will be driving by later to get a feel for the block.

With those facts in mind, what would your max offer be to the seller?

P.S. I started the conversation saying I'd buy in that area from $40k-80k depending on condition of the property, that's when he told me he's looking for about $70k.