Is my offer too low?

[Aron DeVoe]

hey bp I've been taking massive action and have finally found a solid motivated seller! I've never done a wholesale and I'm not completely confident on my numbers so I'm here looking for a some help.

Seller wants 150k. property is a COMPLETE rehab project 

the property ARV = 265K I've averaged the price from 5 properties in the neighborhood that have sold in last 6 months

Ive calculated repairs out to be 50-60k

so I've come to the conclusion of a MAO of 127K

how do my numbers look and should i offer closer to the 150 seller is looking for?