Opinion On Buying a Home from a Bank (Need Advice)

[Mateusz Prawdzik]

So I was looking for some homes that were being sold in the area and this one, literally 5 minutes from my house, is being sold for 169k which is under the market value in this area  of 280k. I've got a couple of questions regarding the purchase....

So there are no pictures of interior of the house but I just emailed the realtor and told him that I wanted to check the house. I've seen the house from the outside and I know where it is. It is in a flood zone, so there is flood insurance. Should I avoid houses in a flood zone?

Schooling in my town is amazing, so there is no issue with that.

Transportation to NYC is literally 2 minutes on every corner to the bus, so that isn't an issue.

Additionally, I was told that I should stay away from homes with oil tanks for heating because if the oil tank was to leak, the soil would be contaminated and it would cause a big headache and a big whole in my wallet. This house was built in 1908, so I'm almost sure it has an oil tank.

I was also wondering if I should mention to the realtor that I am looking for an investment, as in fix and flip, or should I just say that I am looking to buy a home? Should I mention that if I do decided to buy the house, I would bring in a contractor to take a look at it and give me ARV on the home and how much the costs of repairs would be? With in mind, if there are any contractors that are willing to do me a service for a couple of bucks, it would be highly appreciated.

So the moral of the question is, is purchasing a home from a bank a PITA or is it not worth it as a first time investment?

Thanks in advance,

Mateusz Prawdzik