If they have not done many the odds of success are low as they will likely make critical mistakes during the process.

Does anyone local have a rough price per sqft to assume for average construction with low end finishes?

With interest rates at record lows, they may want to hold on to a higher rate note, but you won't know until you ask.

There are a lot of people jammed into this house and that basically keeps my rent very low.

They want a high cap rate when the local to out of state buyers with an exchange with tax consequences are willing to buy lower on the cap rate.If they want value add they are also up against developers and other seasoned investors in the states with a long track record already and relationships with these sellers.

Comparable properties range between $260K - $280K.Why I want to buy:Save on rent as the mortgage will be cheaperFix the house and flip it while living in, holding it for 1-2 years for appreciationI would like to offer a low price on the property (reduce 25K+ off retail) since I plan to buy it as is, and upgrade everything in it since everything is from original 1990's construction. 

There's no hype, no pressure, I don't do presentations where I print out all the low comps and try to tell them "Your house is only worth $X" In addition, I wholesale deals where my profit is less than a 3% commission.

You can get hard money for the majority of the purchase and rehab (keep the prices low) and use your $11k as the funds you need to add to the deal.You could do a simple rehab and make even just $15k profit, then you have a significant amount of working capital to get going.

Rood and siding is in good condition, and the first major expense I see in the next five years would be replacing all windows. with a 15 year mortgage, at 5% (I'd rather budget high than low) cash flow would be 6056/year.

Hello to all of you more seasoned investors.