question about a potential deal

[Gerald King]

There is a house in Forestdale/Adamsville, Alabama that is 2bed/1bath/1car garage in rather decent condition. I say about $5k in repairs to bring it up to par. Comps in the area are between $22k and $74k for this type of house. This area is currently being developed. There are big banks, wal-mart and lowes currently being built in the area. 5 minutes from the interstate and 15 minutes from Birmingham, AL.

I can get the house for $25k. Would this be beneficial? The seller is motivated. Was listed with an agent for 4 months and could not sell, partially because the pictures on the internet to not do the house any justice. I have better pictures and have seen the property. Not to mention the agent listed the house for about MV.

Now, I cant get a loan for this amount because closing costs excedes 5% of the home loan and apparently because of laws in AL I cant get a home loan unless its for 50k or above.

What are your thoughts on this? I can easily get this thing under contract and assign it to someone if they are interested.

The property is on a dead end road, nice shaded yard and quiet.

Let me know your thoughts.

Thank you..

Gerald