Could this be a deal?

[Christina R.]

Vacant 2/1 condo (1072 sq ft) sold as is for $79K. Not a short sale. Needs what looks to be from photos as cosmetic repairs to get rent-ready. Listing says monthly HOA fee is $235. There is a pending sale on a 2/2 in same complex that was listed at 65K per a short sale.

Sold comps on a 2/2 in the same complex from August of 2012 (ugh) sold at $115K which would make the target property around $108 a sq ft (but it has only one bath and I don't know how to account for that in the comp - what is the "value" of a bathroom).

I've stayed away from really looking at condos because of the HOA/condo fee involved and being subjected to the whims of the condo association, but I don't know if I should do that or not -- am I blowing opportunities by doing that. Exit strategy would be to either a) hold myself as a rental or 2) have an investor buy it and try to get 1 or 2k fee out of it (would like to go through the process to see how it works).

An agent has verified rent in this area to be $1400 to $1500/mo. So the most I would have to have all in would be 70K, but I'm thinking a 50-55K cash offer.

Originally sold over 20 years ago for low 40s.

What questions do I need to be asking?
Is there any potential here at all?

thnx in advance for any help

*** Update - actually the listing notes say it's a 2/2 ... in any event, what is the "normal" value of an extra bathroom - say around $10K? I know it's area dependent but looking for a ballpark figure.