Possible First Deal?

[Craig Shute]

Hello All,

I'm in Syracuse, New York and I'm analyzing what would be my first deal. I'd like feedback, advice, questions, criticism, if you would be so kind.

Here are the particulars:

Single-Family Home, Suburb, 1500 sq ft, 4000 sq ft lot, 3 bed/1 bath

ARV: $75,000

Future Rent: $1,000/mo.

Taxes: $4,000 per year

Owned by the bank post-foreclosure, being sold by online auction. It has been listed at $49,900 by the agent. Starting bid, $10,000. Reserve unknown. I am registered to bid. I will be going to the viewing period this coming Saturday; as of now, the pictures look like it's in pretty good shape. I'm estimating 15-20k in my head for repairs, and if my inspection bears that out, I am planning to offer 20k. I would finance through $12,000 in savings, and the rest through balance transfers from my credit cards with 0% APR for 12-15 months, transfer fee 2-4%. I would then refinance my primary residence next year after it is fully renovated (almost done), and then refinance the subject home after 12 months of seasoning. Please advise.