question for the 1st deal

As a newbee to real estate i have spent many hours doing alot of research on many different subjects. I have set up a home office and phone line networked with an investor with 32 rental properties. I was looking in the FSBO and on the second call to a seller found out that she had another property that is a duplex 1 bd 1 ba (two units) one is completly gutted all the way down to nothing on the walls the other is 25% complete the rents are 350$ to 450$
She owns the deplex with her cousin and they do not get along he lives in CA she in WA.
They have owned the property for 2 years and never rented. she gave me a rough figure of 60000 (it needs alot of work) and telling my investor everything i knew he said he would pay somthing like 70,000 for somthing like that.

As much as i have done i still dont know the first thing about making an offer. do i use a contract? phurchase agreement? how would i go about it? how would i know it is a good deal seeing the duplex needs alot of work? I had thought about geting a contractor to give me a bid…

THANKS for any ideas

Even if you got it for free the $60k in repairs needed would guarantee a negative cashflow with those rents. This is a dud, keep looking.

The owner said the repairs needed would be $60k or that’s the selling price?

I’m still trying to figure out why the investor would pay $70k for those low rents even if it doesn’t need any work at all…

I agree on passing on this turkey…

Doesn’t even matter, either way $60k is too much for $900/mo rent best case scenario.