First motivated seller lead

[Mike Landry]

I started a handwritten letter campaign and I have my first lead that I am very interested in.  First off I am not really wholesaling, more just hunting for my own deals so here is the story.

I got a call last night from one of my letters.  The lady is an out of state absentee owner.  She says she is not interested in selling but her ex-boss(also absentee owner) who has a rental house in the same neighborhood is.  I chat with her for a bit and she lets it slip that he needs to sell fast.  I mention I can close fast and pay cash.  Unfortunately the property is managed by a realtor who calls me next.

The realtor starts by telling me that they "might" list it in a month or two, not sure if they need to sell fast, and proceeds to teach me that the prices are running $100 a square foot.  (he also lives in this neighborhood).  He wouldn't give me a price but I told him to talk to the sellers and get back with me.  He also asked if I would buy with tenants in place and I let him know I was open to it.

The house

1500 sq ft, 3 bed 2 bath brick, built 2005

granite, tile, really nicer than what I was shooting for.

Comps $150,000

Current renter lease just expired going month to month.  Lease was for $1400 per month.

top of the line school district, middle of the line neighborhood for the area due to less amenities.  

Low tax rate for Texas.

rapidly appreciating area for now..%10 yoy

What would you guys offer knowing this?

My numbers work at 130,000 if they will let me finance it.  If cash I can only pay $120,000

My reasoning on my numbers

Retail $150,000

less 4 months vacancy for prep and sell ($5600 rental loss)

no realtor for me, don't really need theirs (3 to 6 %, 4500 to 9000)

repair to showing condition savings, staging (at least paint $3000)

I am saving them between $13100 and $17,600 on costs plus time $$$

That is why I am targeting $120,000 purchase price.  Sound reasonable?  

The realtor is kind of a dick.  If he gets pissy do you think I should go straight to the seller with my offer.  So far I haven't had contact with the owner but I have their name and address.

Thanks.