Either they wanted the job bad so the low balled it, hoping for the best.

@Raj Kumar Sorry Raj but if we had a crystal ball and could predict the future we would already be retired.

If you're doing a flip or other short-term hold, the next buyer will look at what you paid, and no matter how irrational it is, they'll feel worse if you made a lot of money in their mind.Let's say that a house is objectively (crystal-ball-style) worth $100K and you list it for $100K in August of 2014.

So no sellers getting it tested and then just not reporting it.I have not deleaded a place like that so I can't give you a good ball park on it.

I suspect the ball was dropped here somewhere, Go down to the building department and check it out from start to finish.

Thanks Jim and Matt for your quick responses.Guys, I'd like to pursue this capital expense thread a bit more if I can, because I'd like to get a better feel for what reserves need to be put aside for all of those curve balls that can come your way with an older park, goven that an older park is the most likely scenario for many newbies. 

So I'm thinking I should offer this guy in prison something in the ball park of $23k to buy the house and put a little change in his pocket, then rehab the house (which is in rough shape, could take $40k isn) and then either rent or sell the house.

They know investors will start out will low ball offers that are the reason they play games in order to get their price.Joe Gore

I think that's a big one to keep the ball rolling. anyways welcome to the site even though its late in saying :) and best of luck!

There's always the option of low-balling if you think the seller is asking too much and they may take a low offer if it has been sitting for a long time.