Possible First Deal - Fannie Mae Foreclosure with Hompath Mortgage

[Ray Shem]

I'm looking at the following Fannie Mae foreclosure:

3 BR/1.5 BA
Decent Working-Class Neighborhood
Price: $52,900 (asking)
Rehab: $2,500-$3,000 (nothing major, but needs fridge and dishwasher)
Potential Rental Income: $750/month

Basically, the deal looks pretty decent with no major capital needed. Owner occupied homes in the area are listed (and transacting) for north of $100k.

I would try to finance the deal using the Fannie Mae Homepath mortgage with 10% down. From what I could tell, I should cashflow between $100-$150/month.

Any thoughts or advice? Anyone done a deal with the Homepath financing? Thanks for your help.