How to wholesale cheap junk home?

[Antonio Bodley]

How do you create a deal on a handyman special? I saw one of those junk homes yesterday outside my part of town that is selling for $2,500. I only saw the outside of the home, which looks terrible. I don't know for sure how much the repair cost would be. If I had to guess at it, I would say at least $5k-$15k in repair work. It may not be that much for real. There is a lot of work to be done though. Would I even need to use the most often used wholesale formula on a home that is already being sold for dirt cheap? I need to know if it is worth the effort to contact the owners to discuss a deal and how I need to structure the deal based on the ARV x % - repair cost = offer price. If I am creating my deals off this type of calculation, there won't be much for me to offer. I am just saying the house is cheap enough as is, Any lower and my offer price would be in the hundreds maybe, which would be good by the way. But I doubt anyone would sell a junker for hundreds when their original asking price was $2,500. Would they?