FSBO Tear-Down - Worth while investment?

[Eric Miller]

Me and my partner found a FSBO property in a pretty desirable area of Southern California and after contacting the seller in regards to it, he said the home is a complete tear-down and isn't in any condition to do a quick rehab/fix and flip. Is there still any good value here for a wholesale deal?

It looks like he's selling the property at market price, but the price can't be justifiable if it's a tear down. How should we go about analyzing a fair price to pay for something like this if we were to consider it?

Here are some details:

Asking Price: $680k

Specs: 2 bed, 1 bath, 1,000 sqft.

Comps around the area are around $650k and $690k but fully renovated and 3/2 mix.

What are your thoughts?

Thanks!