Meeting with a seller next week Help!!!!!!!!!!!

[Lincoln Tudor]

I recently started a direct mail campaign in Washington DC, and I'll be visiting my very first lead's home next week to make an offer. The Seller owns his 1bed, 1bath Condo free and clear and is looking to receive at least 300k for it. The assessed value of the property (according to county records) is 335,160. Redfin and Trulia have is assessed at 376-387K. According to the seller, it needs 40K in repairs. 

I'm trying to figure out what are the possibilities with this property, if any?? It seems like a reasonable flip if I can buy way lower than what he's offering, or potentially a seller financed deal? 

I'm a new investor with not much capital (none) so far. Help!!!!!!!!!!!!!!!!!