First Purchase

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I'm considering putting in a bid on a HUD home in my county. Its a 1248sqf 3/2. Its listed for $104K. What would be a good bid price?

This would be my very first home purchase/investment deal, but I think it needs about $5K - $8k in light cosmetic work. Fresh paint, closet doors, and a small deck would make it livable but there are a few other minor things that could be done to make it even more desirable.

I live in Bellingham, WA and the market here is a little strange. Its a small college town where supply is very tight. You can easily pay a lot for very little house. The particular house I'm looking at is out side of town where homes are a little more affordable. Another possible problem is the we are 20 mins from the Canadian border so a lot of Canadians invest in the area, driving up prices.

The realtor who showed me the house thinks we could resell it for $150K to $175K and thinks we should bid full price. Any suggestions/advice would be greatly appreciated.