Potential First Deal between Mother and Son, Brooklyn NY

[Lincoln Tudor]

The house we grew up is in the middle of foreclosure! It's a 3 story duplex in Flatbush/Ditmas Park Brooklyn. My mother is the distressed owner and is giving up on the property that she's had for over 20 years. The house is estimated according to NYC public records to be worth 784K, The house is in shambles and needs extensive repairs. She believes she owes the bank close to the estimated value (I doubt that) since she hasn't made payments over the last 7 years. I've called the bank, and found out her mortgage payoff amount is 492K, 219K is the past due amount.  It makes sense to me, to get a contractor to estimate rehab costs, and if the numbers make sense, I buy the property from my mom, rehab it, and have my first property with some equity in it. Maybe financed with a 203K loan?? 

Is there anything that I've failed to consider? Is this a potential good deal? Does anyone have contractor recommendation that works in Brooklyn?