"Make me an offer via text message." Uhmmmm help?

[Ryan Dossey]

I got a text from our Google voice account. "Hi my name is ______ I have a duplex I'm looking to sell. It is located at _________. It is rented for 600x2. One tenant has been there 5 years other is on a fresh lease. It needs no work." 

My answer: "Oh wow! Thank you so much _______ for reaching out to us. We are always looking for multi family properties. What are you asking for the property? "

Reply: "Make me an offer."

From looking up tax records it is owned by an LLC so I am assuming an investor. Being a duplex none of the usual websites are even giving me estimates of value. I assume just run comps and offer 65-70% and let him know we will adjust for repairs upon inspection? Or do you go off of the monthly income and our minimum cashflow and work backwards?

[Hattie Dizmond]

@Ryan Dossey 

We all make our money, when we buy!  But, you have to get the conversation started.  I suggest you pull the comps, so you have a rough target for submitting an offer, explaining you wouldn't be able to give them a firm offer, until you have walked the property.

Then outline the rental market...Average & Median rents for similar sized units, expected finishes, etc. 

We all know that most sellers think their properties are great just like they are.  But, you're going to go through it and pick it apart and use all the things it needs done, plus all the things you would need to do to get rents up to max level, as leverage to get that price down.