Houston, Texas Property

[Jonathan Ramos]

Hello All,

 My business partner and I got a lead in the following zip code 77373 and the owner of the property lives here in Florida. Can we use just a generic letter of intent to purchase the property and also provide earnest money to seal the deal? 

Is anyone familiar with properties in this zip code 77373 is it an okay neighborhood is it blue collared, is it in a declining market ect.? This property is about 10 miles away from the airport. 

The owner states he will take 40K when the neighborhood has similar homes for sale 82k -85. Homeowner states that there are no cabinets in the house and also no flooring and has the house rented out for $700. Granted we haven't confirmed the cost of repairs or haven't received proof yet that there is a tenant. We were thinking to write the contract with exit clause just in case we determine the cost to repair is too much. Any suggestions?