Check your county PVA website for the latest sale price.
@Kevin Van Dyke one of the things you should consider, is the condition of the properties in comparison to each other. Maybe the one that sold for less was in disrepair, and the one you're interested has little to no work due on it? Find out why the other one sold for so much less than the one you want; if they're very similar as far as the condition, you'll be able to justify your offer.
I’d definitely think the $170k number is more accurate for a tertiary market based on rents. Don’t see how you cash flow at their asking rate.
Thanks for all the advice guys. I am doing more research on this property and hopefully it’s still on the market in a couple months when I should be in a position to be able to put in an offer. I drove past it the other day and the outside appears in good condition and it looks like all four units are currently rented. I will update you guys if I get it.
Units being rented says nothing about the condition. I've seen people grateful to rent places with cracked windows, rodents, electrical issues, etc. Also just because it's rented (read occupied) now doesn't mean it will stay that way. When I bought my property it was "fully rented", and after I closed I learned that 2 out of the 3 units were occupied, but hadn't paid rent in months. It took me a year to remedy that situation and it's finally (as of this month) 100% occupied with paying tenants.
If this is an investment property make sure you can carry it with 0% occupancy, because it's very likely to happen. P.S. "rent roll" from the seller doesn't mean rents collected!!!
Thanks. Great advice.