No Recent Comps

[Marvin Cuffee]

Afternoon BP Family

Question:

I have a possible wholesale deal in place, but don't know what to offer for the property because the most recent comps are from 2009. My question is how do you know what to offer considering these factors:
House Built 1953
Listing Asking Price: $35,000.00
City Assessment: $64,700.00
Recent Comp: House built in 1999/1350sq ft./ $111.00 per sq. ft.
I would say house needs 25,000 of work
17,000 is what am thinking
since the house is only worth 64,700 according to the city and it still needs work do I try to get a discount on the land and look at it as a teardown.

thanks

[J Scott]

And if you want to try to do the value estimation yourself, here's another resource:

http://www.biggerpockets.com/forums/311/topics/73160-primer---estimating-arv