Making my 1st offer -- Let me know what you think

[Dan Shelhamer]

So I am making my 1st offer today on a foreclosure. I have plugged the #'s into a rental calculator, but wanted to see what the more experienced investors think. I am offering $115k on a 3 bed, 2 bath, 1372 square foot home. It doesn't seem to need much work (paint, floors, dishwasher, and fridge), so I am thinking under $10k. The estimated rent is around $1,600, and that is what scares me a little. I was trying to get closer to the 2% rule, but the equity I can get if I get it at $115k seems good. The ARV is around $170k, maybe a little more. Let me know what you think about this deal. Thanks!