Off market pre foreclosure - ok for first rental property?

[Jordan Thompson]

I got a lead 3 days ago through a family member that a customer of theirs is looking to sell a property off-market, but it's a pre foreclosure.  I've been heavily analyzing for the past month in Hickory, NC but this one is in High Point and while I'm not as familiar with the area, I did go look at it and I'm interested but would love to hear some opinions.

The seller had previously owner financed the property and the (then) occupants basically trashed the place including taking wire scraps to the salvage yard for cash; ripped up floors.. the works.  The house went into pre foreclosure (I don't know the whole story) and there was a tax lien.  The lien was paid last year by the owner which I confirmed through public record.

The seller wants to sell it off market and is looking to get ~$75,000 for it; its a 3 bed and 1 bath (listed on GIS as 2 bed 1 bath) and has been COMPLETELY renovated... I'm talking new roof, new HVAC and duct work, new electrical panel, new paint, new PVC & PEX piping throughout the house, new doors, some new windows, landscaping and gravel is all fresh, new plastic in the crawl space, new outlets and switches throughout ... new garage door, roof, and paint on the single detached garage which matches the house.  Basically all of this was done this year.  The house next to it had a complete reno a year or two ago, but the area looks OK at best... I'm unfamiliar with that exact area, but I've certainly been in much worse.

I'm super excited because the seller is motivated but I'm cautious because of the pre foreclosure status.  Rent should be between 780 and 900 based on comps and the rental calculator here on BP so I'm relatively confident on that but this also has a detached garage.

I would do traditional financing with 20% down which would mean an inspection, title search etc...

Am I missing anything?  What questions should I ask? Does this sound like a great first deal or a landmine?  How can I confirm it's actually a pre-foreclosure?  Let me know what other information I should provide.

Thanks!

Jordan