If you hold firm and lose and find out the deal sold for $1000 more than you offered... you really lost out, IMO.

If you use it and it saves you time and gives you a tool for the rest of your life -it's priceless. 

The last time the house sold was back in 2010 for ~144k. 3 family house in question has its issues(older home, older heating systems probably)  but I would like to own it as it would: 1. eliminate my driveway/snowplowing issues 2. add to rental portfolio 3 increase monthly income 4.

I witnessed this on a flip I sold in Philly and this post motivated me to look back at the details. 

It hasnt sold for six months. 

@Rob Drum Yes, Google Maps has been a wonderful tool!

@Jared Huffman,Find direct comps that sold, and are actively listed!   

I'm definitely not a genius but have bought and sold investment properties and also we have many buy and hold properties.

Hi @Maria McCreless our company has been sending mailers for over 15 years and found it to be a great tool to locate motivated sellers. 5% is a good initial response average.

REOs (bank-owned properties that have already gone through foreclosure) are sometimes sold using the auction method... but they are owner auctions.Be very sure of the type of auction you are participating in.