1991 Built REO in Desirable Location - Buy or No Buy?

[Sunil Kumar]

friends, need your help!

saw a bank owned single fam home recently. 3bd 2bath 1500+ sq ft. in a highly desirable and developed area in Dallas. one of the best school districts. home is old, 1991 built, but everything was in solid shape, no foundation issues or otherwise. will get it inspected as well.

numbers as follows:

list price. 160k
taxes: 6k (500 a month)
insurance: 85 bucks/mo
HOA: $300 a year

rent: $1,500 based on comps

even at full price i should be breaking even (no cash flow) but equity buy down through monthly tenant payment of mortgage. i have offered 120k and hoping to get a counter from the bank.

what else to look out for? what am i missing?

go or no go? what are your thoughts? tips on negotiating with the bank on this one?

i have never bought from a bank - and can use any and all help i can get from you.

thanks