REI anyone want to help walk through this with me?

[Heidi Wallingford]

Hello - A property I've had my eye on for a while just came on market in my area, it's bank owned. Back taxes are $16K. Asking $350K, 1800 SF; definitely needs $100K+ reno, really could use a gut reno, although roof looks good. It was a 2-Fam, now listed as a SF, probably addition is not to code, or was illegal. Bldg Dept said can't be 2-Fam. Appraised value $257,00, building portion value $65,400. Comments on assessment say: No Heat, and one bath not working. I'm not afraid of a big reno, just want to get pricing right. I'm coming up with $179K for an offer. "Comps in area would sell around $375K - $400K.