FSBO-Newbie Looking into Possible First Deal

[Mikki Johnson]

Hello BP Community:

I came across a FSBO in my area.

Asking $150k 3/2 with pool.

Willing to negotiate, but not interested in owner financing.

Currently has a tenant paying $1400.00 and stated that the tenant is willing to remain in the property.

I will be doing a walk-thru soon, but based on the Seller “it is more or less turn-key” and has been renovated thru the years.

After walk-thru will I should be able to ascertain how much will be needed in repair cost.

I have looked at the County tax assessors site:

Just Market Value $110k

Assessed Value $66,800

My first question is can someone explain the difference in the County information Just Market Value and Assessed Value, and how can I use this information in determining a "Comp" without the MLS?

My Second question, with the info from the other sites, has anyone found one over the other to be more in line with what the MLS might determine?

I’ve taken a look at these Internet sites on the property to try and get an overview of what the property should be worth:

Redfin $135k

Zillow $144k

Totalview $116k

My Third question, based on professional opinion, with the information provided could this possibly qualify as a wholesale deal and would a 70% ARV calculation work?

Hypothetical: ARV=$140k x70%-($5k minimal repair)-$7k assignment fee: Max Offer: $86k

I do understand that it would certainly come down to the Sellers level of motivation.

Any input on this would be greatly appreciated.