Now we're trying to "stop the bleeding"; then, we'll have to make up a lot of lost ground.In the meantime, we've both got chronic health conditions, so it's not just our ages.  

Primary factors of value are typically bedroom and bathroom counts, location and condition.

What condition is the house in?  

It will need a few minor fix ups as we want to keep it in great condition - new kitchen cabinets, fixtures, redo one bathroom and carpet in living/dining room and hallway. 

Seller is unsure of the loan balance but he did agree to consider selling for what's owed😀 I'll have loan balance info tomorrow.All bills and taxes are up to date.Sellers asking price - $70,000After asking him if I paid cash and closed quickly on the property in as is condition he dropped price down to $62,000Now how would I determine the Repair, And ARV quickly. 

Financing a flip is what can be difficult, but you have the option of delayed financing, when it is in livable condition prior to 6 months.

I own a duplex in Ferndale, so I don't know Madison Heights real estate market aside from driving through it on my way to the HD over there, but $1200 seems high for a property in that condition.

Also we had a laundry room door that was overall in good condition but had some normal wear and tear at the bottom, well they must of decided they didn't like the door so they stored it in the outdoor building all year and its covered in dirt and mildew.

Columbo, in his old raincoat drving his classic but not so mint show room condition car.

One would think she had an idea of what the condition was prior to giving you an offer but regardless had they set aside the time for due diligence she could've voiced her concerns then.