It is listed as a lakefront property, but the lake it is on is only 4 feet deep, and doesn't hold any fish, nor could you really boat on it (that doesn't really count as a lake in MN if you ask me).My feeling is that this place is really worth about $325K (tax assessed value for this year is $304K).Am I a jerk for wanting to offer $270K less than their asking price (pending our walkthrough tonight goes well and we like the property)? 

It would appear to me that, on the contrary, IRR is a great tool (but not the only one) to assess an opportunity as a whole as it benefits from many advantages: it values time ...Me:  No, it counts time...not the same thing.and takes into account leverage, Me:  No, it doesn't consider the reuse of the same funds, thus reducing the cost associated from the leveraging....cash flow, debt repayment, Me:  Not the correct way. 

I can't count how many times a wholesaler’s brought me a deal and I say, “Alright so you got it for $50,000 and you want to sell to me for $60,000, what does it need?”

Basically find close houses, with similar bed/bath count, SF and amenities that have sold within the past 6 months (sometimes you can go to 12 months) and figure out how your home compares.

Count your fingers after shaking hands with the folks at Sharestates!

I’m guessing the plan might be to use the proceeds from the flip to payoff the loan but the lender won’t count that.

@Shane Bracewell  Don't count on your variance's being approved.

It seems whenever I add the criteria under Property and select "Units - Number of" my count goes to zero.

It'll be someone that can/does count rental income aggressively to make the math work.

Factor in the above because every dollar counts.