Thoughts on purchasing short sale

[Corinn Shannon]

I found a potential property for my husband and my first investment property.  It's a short sale though and because we are new to this we are questioning why no one else has scooped this property up!  Below are the details, I would love to hear anyone else's perspective on whether this could be a good deal or not-
-2 bed, 1 bath, 1,200 sq ft home in Davenport, IA 
-currently listed at $75k, originally listed in 2/2022 for $135k, current assessed value is $120k
-estimating $950/mo in rent, $220/mo cash flow, 12% CoC ROI
-based on pictures no rehab needed, but we talked to listing agent and she noted that it has an old "octopus" furnace.  Although it still works another potential investor had it quoted at $10-15k to remove/replace it
-listing agent also noted that the bank will drag the closing out the full 75-90 days

From our newbie perspective this seems like an okay deal...it is at the very top of our budget though, but it will be worth way more than we purchase for from the start.  Does this have potential?  What should we be weary of with a short sale?  Thanks in advance!