property in area with very little sales activity

[Jerrold Stallworth]

Deal or no deal?

seller has a inherited property in Chicago- Fuller Park area. Wants $20K but is willing to accept $15K for now, 5 later 3 or 4 months later.

property is SFH frame, 2bd 1bath. free & clear no liens that i can see.

Problem is its located in a low-income area between an major expressway (one block over from the expressway--Dan Ryan I90 for those in Chicago) and a railroad (2 blocks over from the train tracks). Most of the recent sales have been on the other side of the tracks. There were 2 comps near the house, both distressed for 15K in the last year.

Seller wont go below 15K. I wanted to wholesale this by just looking up all the cash sales in the last year and contacting those folks but I'm not sure if I should just walk away from this one or just put it under contract and go for it. the house is solid but I dont have a solid buyer for this area.

Any suggestions are welcome.