Wichita KS Area, How much should I offer?

3 Replies

Hi,

I talked to a seller who's a contractor and is expecting way too much for his property. He owns it out right but he hasn't been paying taxes on it for the last 3 yrs. Taxes is also a little higher in that area about 2k+ a year. This property is 3bed 2bath and has a huge lot. He recently did the roof and a few other things and says it probably needs 40k in work. The ARV is around 115k based on what a smaller property sold for all fixed up. On the county assessors website it says the property is only work 42k. I'm not a contractor and I dont know any realtors to give me accurate COMPS so my estimates may be a little shady. But I was thinking to offer him 25k-30k and reselling to an investor for 50k. I already accounted for the taxes he didnt pay and I was hoping to wholesale this deal.

What do you think?

By the way, the apprised and assessed value this year is significantly less than the other years (by thousands of dollars)

My idea is he gutted the house to pay less taxes and hold onto the property.