@Daniel Ortiz  That is the smart strategy for the seller's agent, and it's one component of the formula I to help @Johnny Quilenderino to sell his SFR rental in Quincy at $59,600 over asking with a waived home inspection. 

Is there a formula one should use?

Is there a formula for properties in rural areas?

In either case, try to find something where you can add value to the property and force some appreciation, and don't stretch yourself too far financially because you have to make sure you can make it to the long term first before you see the long term gains ... smallest, ugliest, dirtiest, most run down property, priced appropriately, on the nicest block that you can reasonably afford has been a winning formula for me.

If you have the time and the passion, here are the basic steps you need to take in order to flip a home successfully.1- Learn Your Marketone of the most important steps in the process, so don't try and rely on others to tell you what areas are good to invest in, learn it for yourself. 2- Join Your Local REIAjoin your local REIA, and network, network, network.3- Master the Numbersyou need to learn all the formulas used to determine what to pay for a possible flip.

"I'm using the formula, and making tons of offers" you say.

I can't keep track of each ones formula to do that for them. 

Flip2freedom episode 77[http://www.flip2freedom.com/a-3-step-formula-to-a-successful-balanced-and-insanely-profitable-2012/] - podcast - LISTEN TO THIS TODAY!

If you use asking price you will always be offering about half of what they want and you will never get anything.Second: That formula is really for something you are going to Buy/Fix/Sell (You need that 30% for closing costs, agent costs, profit). if you are looking at buying something you are going to keep and rent you will most likely never find one.

I talked to a guy in California the other day who told me that they were looking for a property with the same similar formula.