We may be witnessing the largest financial collapse in centuries.

The only way to really know better would be to have an actual set of bids for all of the repairs so for now I would budget 25K.The rents you said should go to $2400/mo, I assumed $2200/mo so you stay on the low end of the market to minimize vacancy as you try to refill these units with new tenants, and get the largest tenant pool so you can fill the units with the best tenants you choose.Your financing is with 20% down payment, and the repairs are being paid for cash.You want to get about a 12% cash on cash return, AND at least $100-120/door cash flow.This would put me at an offer of about $115K.

I have years of experience as regional manger for many of the largest companies in the state.

Did I mention that her lot was also the largest on the street also?  

@Bill Gulley knows what he is talking about re: regulations and ethics.Wholesaling is in 2 distinct camps IMO on BiggerPockets.Camp 1: It is the wild west.

There is nothing wrong with that, but I want to understand a key distinction.

@Doug McLeod Point taken about hobby-income vs tax-income, but the phrasing of your point:"You can call 2 deals in one year a hobby" Didn't do a great job of making that distinction.

@Adam Anderson  While there is a very distinct possibility that that could be the case, what I am looking at is still in the very, very tentative stages, and I'm not to the point where I would have any communication with the tenants yet.

One thing you will notice that these are not the LARGEST states, like CA, TX, FL, NY, PA.

Just over 6,000 sq ft (largest condo in building)5. 3 bed, 3.5 baths6.