I don't mean to hijack the tread but just wanted to point out Troy Zsofka that asking about what else they have looked at is really smart if you know you are in the top tier from a marketing perspective.

they came up in the morning back in Napa valley in time for cocktails. and the deal was done.. we had 10 days to close .Yep, agreed ... different game, different rules, different number of zeros on purchase prices (for sure), overhead (perhaps), and profits (hopefully) ... and I'm not at all trying to "dis" that game (which I think you understand), it is just not one that I prefer to play, at least not at this time ... pluses and minuses to everything and there are more than one way for each of us to make it to our own personal Valhalla ... great discussion and I love your perspective Jay, which is why I always try to "stir the pot" with your comments a bit and thanks for allowing me to do that, but getting off topic at this point so I'll probably leave it at that for now ... 

Thanks for the perspective @Carolina E. and @Kaycee Wegener.

If the $30K house is a small  house on a small lot and the $130K house is  a large house on 40 acres then that helps put it in perspective. 

From a title insurance perspective, the larger the loan, the more likely the settlement fees would be negotiable. 

Welcome to BP @Steve Carlson It is good to have another experienced investor here that has the perspective of going through a full market cycle.

I do some real estate development consulting here in the area, and have prepared zoning verification for commercial deals, so I have a unique perspective on it all.

I would enjoying hearing about your perspective on mid-Michigan and (out of curiosity) how things are different from Australia. 

You can try presenting her with a basic write up of everything that will bring the price down, including HVAC, new carpet, new counters, fresh paint, whole house cleaning, whatever, with cost next to each item. 

At least in California, where we will be initially launching, we do not expect this to be a significant issue.Thank you both for your concern - great to keep in mind.Beyond these possible issues, from the perspective of the experienced wholesaler, would either of you be interested in these kind of leads that are open to having their property assessed, knowing there's a chance they might be anchored to a value you would not execute on?