HUD investment...Good or Bad Idea

[Branson Fields]

Hi everyone,

First time post to BiggerPockets and thought this subject could get people talking and create a segway my involvement in BiggerPockets discussions/forums. New to the RE investing game, I have have been trying to find my niche in real estate investing.  I recently came across a HUD (US Dept. of Housing and Urban Development) home in an area of NY I've been searching.  It's a new avenue of investment I had not considered before...

 First-What's everyone's perspective/opinion on these homes as a potential real estate investment? (homes to stay away from, specific items to consider before bidding).

Second, here's a specific example of a home in NY I've been eyeing: 1860 5 bed/1.5 bath, ARV comps in area between 200k and 250k. Selling for 41k through online HUD portal. Needs 80-100k in renovations. Property taxes ~$7,500!.

My initial thought process was to pay cash via HUD bid process. If awarded home, invest 80-100k in renovations and sell for ~250K, following 1 year occupancy stipulation.

Thoughts/opinions???    

Thanks, 

Branson