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He definitely has more than "5-6k" worth of improvements into the house. He has completely redone the kitchen (including all new stainless appliances), bathrooms, and hardwood floors (the entire house is hardwood, except the bathrooms and kitchen). Everything is painted, outside and in. And all new fixtures. I do agree though, he doesn't have that much into it. If he got his full asking price of $145k, he'd be making a KILLING on this house. I'm not willing to pay anywhere near that much.

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I will share recent experience with you as we are remodeling our home. We just bought new titanium LG fridge and dishwasher, + GE gas stove for $2400 and change, very nice appliances, the fridge alone use to retail pushing $2k. It is amazing what you can get if you look for sales and then haggle, plus LG has significant rebates, + energy star rebates, etc. I can't tell from your post whether the owner has installed totally new cabinetry and flooring, or refinished what was in the house. Real oak hardwoods were roughly 40% below the cost of 2007. We are paying $11k for some custom alder wood cabinets, we have seen the cabinet maker's work in other homes and he came in under mainstream stores, etc. If the seller has put in good quality new upgrades including tile and new vanities in the bathroom, that is one thing, if it is refacing and or sanding/refinish hardwoods, etc that may be another.

Just trying to add some recent perspective, hope you get a great deal. Sometimes the best deal is the one you walk from. If you are sure of the comps and the quality of the interiors are similar then stick to your guns and see what happens, I would definitely factor in the potential price of a new roof into your offer as monsoon season approaches.