What I'm saying about these particular people you're dealing with, is at least they're being transparent about the property value and why they're charging more than market value - I find that to be rare and admirable in this business - maybe you think it's shady.

Depending on the age of the structure, you may want to increase the monthly repairs + cap-ex budget to a combined 15%, maybe even as high as 20% if there's a lot of deferred maintenance. 

But to make it worth a $100k property with those few repairs is extremely rare.

I also agree with you such cases are rare although I have heard of them happening.

But rarely does anyone ask me about it based up the car magnets alone.  

I have two properties (combined value - $1M) in NJ. 

If you and @Bob R. are interested there is a Brevard REI meetup tonight (meets every second Monday).

Combine this with consumers' embrace of the sharing-economy, and it's a great time to be an owner.I started an interview series on my blog with vacation rental owners, including a super nice guy on this forum (thanks @Joe Sillaman  )!  

For cash buying (wholesaling), high % equity is super important - otherwise they cannot accept your discounted offer - and you will fail trying to negotiate directly with banks unless you know that world and have proof of funds, etc.Forget foreclosure as motivator - you'd be better off looking at % equity (minimum 40%) combined with other motivators such as:1) absentee owner ("tired landlord" & "2 house payment" profiles)2) probate/estate sale3) divorce4) code violations

Because of that, ACV payouts rarely come anywhere near the limit of the insurance.Some carriers have indeed stopped writing ACV policies.