thinking about putting an offer in, but a few questions

[Bryan P]

I found a nice cheap place relative to comps in the area, but it needs a lot of work (maybe $50,000). It's been on the market for one month and the bank has already lowered it's price. Now if I fix it up it's still cheaper than average comps by about $50 per square foot. I still live at home so I can do all the work before I move in. I plan on living there myself when it's complete and maybe even putting it on the market just to see if I can make a nice gain. If no one buys it, no big deal I'll just have a nice house to myself. What do you guys think?