Looking to buy 2nd property!

[Joshua Udermann]

Hello, this is my first post here in bigger pockets, loving the podcasts and hoping to find some good answers and help here on the forums.

I am interested in a property in Keizer, OR (north Salem suburb).  The property is listed for $110,000.  They are taking offers on it under Monday.  
http://www.zillow.com/homes/for_sale/53021469_zpid...

The house is a 3-1 and needs some work, flooring and paint needed throughout, paint needed everywhere, everything is very dated and needs updating.  Other downsides, heater is oil heat, and no central AC (just small window unit), large yard is very overgrown with Himalayan blackberry bushes, and no garage (converted garage to living room space).

Upsides: decent condition wood flooring in bedrooms and about half of the living space area, newer vinyl windows in most of the house, outside siding in great shape, roof looks to be in good shape, and the most important upside is the neighborhood, excellent area.

Financials
There are already multiple offers on the property and they are accepting offers until Monday morning.  I plan to do some basic cheap work paint and new carpets/linoleum and then I want to move in and find a roommate or two.  Rent in Salem is currently $400-700 per bedroom.  I think this would be on the lower end of rent at least for the time being.  I plan to live in the property for the time being with roommates and then eventually will turn it into a rental so I want the numbers to work on it for a rental.

I think the house is below market value here, things are hot so I think $120,000- $130,000 or more might be needed as a bid to get the place.  I met with my mortgage broker today and at $130,000 monthly payments would be $781.  I think if I am out of the house it could rent for ~$1400-$1500.  Knowing that it needs a lot of work I want to be able to save as much off the rent for large investments into the house as needed.

What do you all think?  Should I make an offer?  What else do I need to consider?