You've heard the saying Location, Location, Location.  Well in this case it's Location, Condition, Price.

You can't change the location, so that is your first consideration.

The condition can often be changed however there are considerations such as functional obsolence.  Our standard contract states that the property is to be sold in it's present condition (subject to inspections of course) so even if the condition can be improved you are generally purchasing as seen.

That leaves only price and terms.  So you will determine if the location and condition are acceptable what you willing to pay.  The market value is determined by comparing similar properties in similar location in similar condition.  This "market analysis" is done after you identify the property and before you make an offer so you are making a well informed offer that you can stand behind.