Need advice on how to make an offer for off market property
I was showing one of my vacant apartments to potential tenants and was inquiring where they were currently living. They gave me the address they were supposedly living at which was around 2 miles from where my apartment is located. After the showing, I took a drive by and noticed that it was completely vacant (duplex). I looked up the address and got the owners info and gave them a call. I was just expecting to get a voicemail but surprisingly, the owner answered. I told them that I was giving them a call for some feedback on the tenants and she described a horror story to me. Long story short, during our convo...she tells me that she's pretty much done with the tenant business. I tell her that I may be interested if she ever decides to sell and she says she's ready to sell now.
She does not have a bank loan on the property but she is paying the property off privately. (I assume she has her own creative financing going on). She started doing some rehab to the units but admittedly has "run into some cashflow problems". I also asked her what she would like to get for the property and she told me "I really don't have a number in mind..I believe it would be $100k+ fixed up but I am aware of the work needed...just not the total cost."
I want to be able to make a creative offer based on her potentially financing the deal as well as a conventional offer if she does not want (or cannot) seller finance.
Here are the numbers:
Unit 1-1BR, 1BA-Rent $800
Unit 2-2BR, 1BA-Rent $850
Utilities are all separated and tenant pays all.
A.R.V.-$90k
Repairs-$24K
I'm looking forward to hearing from the community!
Thank you!