I sent out my first batch of direct mail letters last week. I got a call back today from someone who wants me to make an offer. He bought the house last year for under 10k. It's 3 Bed, 1.5 bath 2-story row home at the 1900 block of E Firth Street and according to the owner it is in shell condition, but he has replaced the windows and doors. I'm having trouble coming up with an ARV on this house... prices in the area seem to be all over the place so that makes me nervous. It looks like there is a decent amount of new construction going on but I don't see any great comps to go by. I'd love to hear your thoughts on this area and what might be a reasonable ARV to use for this property. It is on the same street as a school and is situated directly across from the school so I think that might decrease the value compared to houses on some other blocks nearby.
Did you do anything with this opportunity?
I talked to the seller and gave him a verbal offer of $35k for the property but didn't get a clear yes or no yet. I'm following up with a written letter and another phone call to get a definitive answer.