Looking for Advice on a Foreclosure Deal

[David Longhini]

Background: I'm looking to purchase a 2-4 unit using FHA (and with this specific deal 203k) to begin my process of becoming a real estate investor by at least living for free with a little extra.

The home in question is a 4-unit in my area currently listed at roughly $200,000. It is a foreclosure through Fannie Mae Homepath. I'm currently pre-approved with a 203k loan for up to 200,000+40,000 in repairs. The property itself could bring in a conservative estimate of $2800 a month once all units are fixed up, but I would be sacrificing $400 of that by living in it of course. 

I would like to offer $180,000 on the house with between $10,000 and $35,000 in repairs. These are my main questions:

1. Does this deal look good for the numbers right off the bat? I

2. The roof is in need of some repair (~$2000), but should probably be replaced entirely in the 3-5 year range for roughly $21000 (huge roof). Would you advise simply replacing the entire roof now while can finance under 203k, or just do the quick repair and build up the money for it over the next 3-5 years. 

3. The other major repairs are having 4 old forced air furnaces that since the house is winterized I can't verify are in working condition. Since I could replace them myself estimated cost for all four would be $8000 if needed. 

4. Then, finally I would have roughly $5000 of costs in painting and carpeting. 

So at max at base offer it would be $180,000+$35000 = $215,000 and bring in $2400 a month with me living in it? 

Other questions for advice is bargaining with Fannie Mae Homepath Foreclosures etc.