Stopped by yesterday, met with the owner and walked through it again. I still say no more than $40k. The roof top is new but the underlayment is falling apart. So in 5-10 years I think it'll need a complete roof which could be $15-20k. That and some interior work and then it would be worth 55-60k I think. But not as is.
He now wants $55k, (I think he went up because several have expressed interest in it recently) he claims it's now worth that much because he took out a credit line for that amount a couple of years ago and slowly borrowed that much against it (idiot) to finance other interests. What he did was get a bank to loan more than it's worth just like others in the mortgage mess these days.
I then find out I'm not the only one offering him 40k max, so I'd say that number is a good one.
Guess it'll sit there a while longer, no one will touch it over $50k, you might get a speculator to go 45 but even that's iffy.
I told him to think about it, but I would not go any higher. He understood, just have to move on I guess. Got a few more I've been looking at.
I think he's a little upset at himself but at least he has the money invested elsewhere, he'll have to restructure his loan somehow to sell it to anyone.