Get a few more bids.

Might be intelligent to get a couple more bids not just for price but for time to completion.

Property managers over in  our direction don’t even get vendors out to do bids for a week or two after the vacancy.😢 

You will also need a good real estate attorney that can advise you on deals, a good CPA that knows the details about investment real estate, insurance agent, and contractors who can provide you bids on work that needs to be done on the properties you look at. 

Because of this, I now go into bids assuming I'll have to replace the roof if it's older than ~20 years. 

The seller is giving you a bid tape and you are going to review it.

Cap =NOI/Market value   20%=$100,000/$500,000   Seriously Joshua, wouldn't the market bid up the market value if the $100,000 was reliably collectable in todays economy? 

@Kevin Sobilo, to clarify does the reserve price simply mean the starting bid or is it the winning bid?

I understand that it is advisable to do due diligence before bidding.

We are still getting bids on pricing.