My offer was WAY less than others! How?

[Alicia Hensley]

So, I'm pretty new at this wholesaling thing....actually, I've only done research and learning and never quite made an offer.... Well, I decided today that I needed to. I new that the seller wouldn't accept my offer, and I knew it would be much lower than he wanted. But, I did it anyways just to help me get over my fear of making offers. 

So here's how I broke it down: 

$260,000 ARV - 70% - $5000 est. repairs

I told him I could probably go anywhere from $165K-$180K just based off the numbers from my research WITHOUT seeing it. He said that people have offered $235K and he still said that was low but mine was the lowest offer he's received. 

Anyways, I'm wondering how my numbers are so off compared to the other investor numbers? Is the market really that hot that investors are offering 90% of the ARV? Maybe my comparables are off by over $100K?