Motivated Seller-Insurance Claim- Historic District | Deal?
I found a seller that lives in a Historic District in a huge house. His kids are grown and gone so it's only him and his wife. He has already purchased a new house and is living in it. This house is free and clear and the ARV is around $390- $450. A tree from his neighbors' yard fell and damaged one side of his roof. He is waiting on the insurance to give him an estimate on the repairs. He says he already had another wholesaler offer him $320,000, of course, I ignored this statement. I will get a better assessment went I go take the tour of the house after the holidays.
He mentioned something about the insurance claim affecting the taxes and that's another reason he wants to wait after the holidays and until he gets the estimate. I can already see from the outside of the house that it will need quite a bit of work on the outside. He said he was a contractor and gave me an estimate of about $60k to renovate. It may need that much on the outside alone. There are houses on this stretch of road that have been renovated and sold for $550k - $800k.
My questions are: What effect, if any, will this house residing in a historic district have on doing a wholesale deal? Is there a possible unique reason behind him wanting to get the repair estimate for tax purposes?