Analyze This Deal! Would you go for it?

[Joshua D.]

So we have a 3/2.5 bath house with 3 floors (it's a huge house.) The basement is large and partially-finished, it even has it's own kitchen down there. The home was foreclosed upon and was owned by a bank. We finally got ahold of the bank and got 2 tours, then put in an offer. The house has gas heat, central a/c, and is in a great neighborhood in the most desirable school district. It's tax assessed value is $67,000. It sold in 2004 for $38,000 and again for $99,000 in 2007.  I'm not sure how below market value a tax assessment is. An independent appraisal was done for the bank in the as-is condition, and came back at $50,000.

We put in an offer of $35,200 and it was accepted.  After the closing costs, we will have about $36,000 into it. The house needs mostly cosmetic work, and we might have $12,000 into the repairs, bringing our grand total to about $48,000. 

The house should rent for $1,200-$1,300/month.

Analyze this deal. Would you go for it?