Need advise: No bids on homesearch.com, should we place a bid?

[Charan K.]

Hello everyone,

We looked at a property that needs some repairs (new water heater, washer/dryer, dishwasher, paint, flooring, kitchen counter-tops, cabinets). We didn't hire an inspector, it was just a visual inspection around the property with our realtor. The property is on homesearch.com for auction since 5/30, auction ends tomorrow. CMA from my realtor estimates the value to be at $330-$340K, monthly rent at $1400 per month. Starting bid is $175K, I don't see any bids on it yet - only a day for the auction to end. We want to fix it and hold it as a rental. This will be our first buy and hold. Should we concerned about placing a bid since there are no bids on it yet?

Few negatives for the property

1. There is a Power Station right across the road.

2. The house is built in 1950s. Not sure if there are any settling, or foundation issues - we didn't see any cracks on the walls or flooring.

3. Garage was converted to an additional living area. Not sure if this was permitted.

Thanks,

Charan