while we're talking about real estate...and we have an expert in the forum:

i currently live in South Philly, but i went to look at a house on Thompson St. today, just below Lehigh. The place needs a TON of work, but the potential is awesome. That said, i think the owner is asking alot for it considering the condition it's in (around $125k I think).

I went to the BRT site to check out taxes/value/ownership, and it said that the "market value" of the home is around $33K, which is considerably lower than what the owner is asking for it.

So, my question is - how does the "market value" apply when it comes to what a home is on the real estate market for? Or does it at all? I am estimating that this place will need about $100k worth of work, which would bring it into the value range similar to other homes in the area, but I would like to see a nice return on my investment eventually, should i choose to go forward with it...

Any advice?