What to offer on a property that needs total remodel?

[Rebecca B.]

Newbie wholesaler here!

I want to make my first offer on a property I’m walking today. Property is an estate sale, it’s in a good location where comps are around $300k. Property has been on the market for months and they are asking $105. House is boarded up so all I can see is the outside, but it needs a complete remodel.

What kind of offer should I make?

Is there a specific formula you would use to calculate what the offer?

Would I need to get an contractor estimate before offering this to cash buyers?