Estimated Values in Detroit

[Emilio Basa]

Hi everyone,

I'm a wholesaler in Michigan and focus on Oakland & Macomb county (Detroit suburb areas). After I started marketing I started receiving weekly requests from sellers in Detroit. I didn't want to focus on Detroit, but I'm receiving so many inquiries I want to see if I can wholesale some properties. The profit won't be as much, but I'm sure there are some buyers out there for Detroit. 

My question is (for Detroit investors and other investors in distressed areas), how do I come up with an accurate value on a property? The comps all over the place from $1,500 to $35,000. What formula do cash buyers use to purchase property? 

I just put a property under contract on a home in Detroit and it needs a little work, but it is not  in terrible condition (updated furnace, water heater, new roof, etc). We already agreed on a price, but now I'm nervous because I don't know if I can wholesale it to an end buyer because I quoted it too high. What are your thoughts?