New to real estate investing

[Debra Muth]

I am new to real estate investing and am looking at bidding on a hud house. I have listened to many gurus..... and have read several books and think I have a good handle on how to evaluate the house but what I have come up with to bid seems very low. The house is listed at 66K there is what I estimate at 20K in repairs. It is going to be a buy and hold property. I estimated the rent at 600 conservatively it could go as high as 800 a month. If my calculations are correct I would have to bid like 23-26K in order to get it at a good enough price. Is this realistic to go this low?