I would not worry about what the bank will accept. You only want to offer what makes you money for your planned use of the property.
If you are going to flip, then what price is the most you can afford to pay and still make a profit? That price is your maximum allowable offer.
If you are planning to hold for rental use, then what is the most you cah afford to pay and still meed your cash flow criteria? That price is your maximum allowable offer.
Just make the offer you are comfortable with, let the bank figure out if it is an acceptable offer.
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I would..... Make a realistic low-ball offer with proof of funds/financing and find out!
Maybe $350 to $400K?
[addsig]
I would not worry about what the bank will accept. You only want to offer what makes you money for your planned use of the property.
If you are going to flip, then what price is the most you can afford to pay and still make a profit? That price is your maximum allowable offer.
If you are planning to hold for rental use, then what is the most you cah afford to pay and still meed your cash flow criteria? That price is your maximum allowable offer.
Just make the offer you are comfortable with, let the bank figure out if it is an acceptable offer.
Any other input from the rest of the group??