I came across this property while perusing the daily feed from my RE agent ...
Description: 1977, 4/2, 1607sf (it says 'Ugly, Ugly, Ugly')
List Price: $74,500
Comp Price: $95,000+
Repairs: ??? (I'll guesstimate $15k until I see it)
With my current estimates, I would have an MAO of $62,000, which is darn close to the asking price. I would probably offer $50,000 for it as an initial bid. The description given doesn't say it's a HUD or VA or REO, so I'm assuming private seller. My initial research shows a Deed in 1990 for $37k. There was another Deed of Trust issued on Feb 15th of this year due to a divorce decree. I figured amortization would put the existing loan at about $30k. So, I could probably even offer $35k-$40k, and the buyer might bite. I'll stop by on the way home from work today to take a look at it. I may even put in an initial offer of $40k just to see what happens (although, I'd hate to later find out it needs $50k of repairs).
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I went ahead and submitted an offer to my RE agent for $40,000. For all I know, the property has already been taken. There are more than a few Realtors who are also investors that take bargains like these on the MLS in less than a day.
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