Buying a SFH

[Jem J.]

Hi BP investors ... I plan to make an offer to a SFH in an area in the most sought after schools. It is a forclosure and priced low to attract more buyers I presume and get them into the " auction" game of the highest and best. I had a remodeller looked at it as if needs mostly cosmetic repair. These are the stats:

Asking: 129K

Sold comps: around 225-275 , the high price is of course a well appointed home update. 

Rent comps: 1550-1600/ mo

Tax: 2900

Insurance: 790/ yr

Will offer: 141K  ( competitive area)

Estimate work: 15K

Putting in 40% down 

Plan : buy and hold and pay off in 10 yrs. 

(Plan to retire "young")

RE agent advising me to buy/ flip and sell as she knows the area well. I lean more to hold. 

Please advise if  my plan sounds solid. I need more investor's  input. 

Thanks.