Making an Offer on a Probate Property - help!

[Michelle Ayala]

Hi All – I am looking for some advice. I am fairly new to RE investing. My partner and I recently started marketing to Probates in our area. We got our first call and have scheduled the appointment to meet at the property with the will executor (the decedent's daughter). The information I have about the property is that there's no mortgage attached to it, it's a 4 bed 2.5 bath 2900 sq ft SFR in a nice neighborhood near a lake. The house next door is pretty similar to the one we are looking at (same beds/baths and sq footage and it was in great condition), it sold for $315k in May 2016. Everything else in the area sold in the $290k's but they are smaller properties. The county's assessed value is $289k. From what I gather a lot of upgrading is going to have to be done, the decedent had owned the house since the 1970's, but we really haven't seen the it yet, so we don't really know how much in repairs we are looking at. Any suggestions on how I can structure an offer for this property? I don't want to screw this one up! We would like to wholesale it to another investor. Thanks in advance for your help!