Newbie investor looks at first property!

[Larry Sarner]

Found a bank-owned condo listed at $219. Comps run between $275-$310. The condo was vacant, had a pipe burst. The water damage was addressed and dismantled by a professional company. I'm looking at new flooring on the first floor. Walls, insulation, paint, kitchen cabinets. New carpet on the stairs and upstairs. Bathrooms need paint and new vanities. I am getting a contractor in there for an estimate before making an offer to the bank. No way is $219 a good price. Any thoughts to help a newbie? My goal to retail the property. Market is strong for these types of properties in my town.