Apprasial on HUD home before bidding?

[Tom W.]

My first post on BP!

I have been a 1-property landlord in Madison, Wisconsin for the past five years, and am now checking out a HUD owned property to owner-occupy for a year before selling or renting out. It is in a desirable town just outside of Madison, walking distance to good schools, and appears to be listed below market, but I want to make sure I am not missing something.

• The home is in the exclusive period until 2/27, with first round of bidding closing on Sunday
• 4 bedroom/3bathroom, but listed as 3/2 on the HUD site (HUD doesn't count rooms below grade?)
• House was built in 2006
• Listed at $185k
• Has been assessed at $244-255k every year since 2007
• Property taxes ~$5,200
• Disclosure does not reveal any major issues with the house -- just missing kitchen appliances and railing needed on back deck

Given the spread between the list price and the assessed price (and my simple Zillow tour of neighborhood prices), it seems like this house could potentially be a great deal for me. I have already reached out to my lender to get pre-approved so I can bid, and I contacted the agent who listed the property for HUD to see it since I don't have a buyers agent.

My thought process was to next:  (1) ask the agent to pull comps from the area to see what homes are really selling for; (2) see the house; (3) get a home inspection to make sure there aren't more serious issues; (4) bid. 

If I am counting on this being a deal because of the spread between list price and market, is pulling the comps enough? Should I get an appraisal? Am I missing something obvious here?