My name is Matt Evans, and I'm a new entrepreneur currently spending half the year in North Carolina and half in Florida (I'm only 43, so I don't yet have quite enough grey hair to pass as a typical snowbird, though it's coming). 

Well I was away for half a day and seems everyone was busy posting!

My criteria I use for finding a comp is 10+/- sq.ft of the property, sold within the last 90 days, within 1 mile of the property, and +/- 1 bathrooms & bedrooms.

I'm currently in the initial phases of talking with the owner, but here is what I know so far:Rents are about half of market...owner is aware of this.  

In fact, I don't even have half that.  

@Alan CoreyHi Alan.Let's say the property is worth 500 000$ at 95% occupancy based on its NOI and the cap rate.Therefore, the same property with 50% vacancy would cut the NOI by about half since you lose half of its revenus.Using the same cap rate for half of the NOI would lead you to a value of 250 000$.

Essentially how the pay goes for my job is I get 40% of the overall profit and then half of the O&P added to the project.

If you do the 2 and one half hour training negotiation with the seller and teach the seller “the costs to sell with an agent”, versus renting it out, versus seller financing, it’s all easier to deal with the FSBO.After I go through the 5 steps negotiation with the FSBO, I generally tell them I can get their house problem fixed in 30 to 45 days, so they want to hire me to get that done, at no cost to them, then they sign a letter of intent to lease or sell.D.

The seller could know the agent, the property could be a nightmare and they see you coming from a mile away.

Let's say that amount is half or 3%.If the original brokerage/agent finds a buyer without the help of another brokerage that agent is still being paid the full 6%.If another brokerage/agent brings in a buyer (you) its because they were offered a 3% commission.Some investors think agents are a dime a dozen and not worth much.