Rent way higher than market value
I'm brand new to buying homes. I'm in the Chattanooga, TN market btw. Here's what I've seen more than once. A house that rents for $850 plus a mobile home that rents for $500. The market value of the house and land to a prospective homeowner is about $70k. The market value of the mobile home is about $15,000. But because the seller has $1350 in income, he wants $125,000 for everything. He bought it 2 years ago and has about $80k invested. Can't get myself to even offer him $100k. Am I not thinking clearly here? Thoughts are appreciated.