New Member from Las Cruces, NM seeking advice.

[Miguel Romero]

I am new to real estate investing. The only experience I have in real estate is purchasing my personal home.  I am interested in buying my first single family rental property and would like some advice.  One property I am interested in is a foreclosure (in good shape).  It is listed at $129k but the bank foreclosed at $89,000.  The rents en that area average between $850-$900 per month.  I would like some advise as to how much I should offer for this property or if there is a formula I should use.

Thank you in advance.