Got a response from mailers

[Krishonda Johnson]

So i received a call from the mailers i send out a couple weeks ago. Man came off very arrogant and im not sure if he is motivated but I'll let you tell me. He didn't give me time to give him my "im an investor" speech he out right told me he knows what i do which is flip homes and buys cheap. So i asked him a few questions which were..

-Whats the least you would accept? He said 1,000,000 intially , saying thats what it appraised for but he said he'd entertain 900,000. And dont care for cash , would be ok with financing. But with reseach not only is does his realtor have it listed for $819,000 but its only appraised for $707,000.

-How long have you owned the property? 10 years and claims to own it out right (i seen that he had a quit deed granted to a llc so im not sure if he does or doesnt) but he does have back taxes for about $85,000 (fyi he has the 65 yr old exemption so he isnt getting evicted because of the backtaxes)

-Reason for selling? Kids are grown,  claims to have 10 other properties (but i haven't found any other properties he own so im calling his bluff)

Needs rehab? Nope, pretty much turnkey is what he told me but from further research thats not the case house still looks like the year it was built 1987. Needs major updating

Has a realtor but choose to call me. Didnt really entertain my rapport so i kept it business like and will try to build it tomorrow. But these are the numbers i got out of it. Id love to get some advice on my offer or even if i should move on.

Comps.

Sold 2016 $1.4 million 

Sold 2019 $895,10

.......................

ARV: 950,000

Repais:201,000

Closing: about 20,000

Holding: 20,000

Assignment fee: 20,000

Backtaxes: 85,000

MaximumAO to seller (ARV * .65 - repairs) 950,000*.65-201,000 =416,500

MinumumAOTo buyer 416,500 + 20,000(fee) + 20,000(closing) = 456,500

Investment = 456,500 +201,000(reno) + 20,000(6mo. holding)= 677,500 

ROI

Invest $677,500

Sell for $950,000

=

Investment Gain	$272,500.00
ROI	40.22%

Fyi i used a ROI calculator to id appreciate the verification & advice