Possible First Deal - Need Advice

[Bob Catalano]

So I'm looking for my first deal, I have been talking with 4 realtors and looking at tons and tons of properties. Well I found one last night that I think may be the one I want to do. Here is the breakdown.

The property is a 47 yr old single family home, 4 bed, 3 bath, 3100 sqft. foreclosure, bank owned. List is $260,000 comps are between $425-450.

Great School District, neighborhood and location.

High taxes, $8500

They took everything they could when they left. Toilets, tub, moulding, carpet.

Needs new kitchen, room, rugs, spackle paint, driveway, 2 whole bathrooms and 1 bathroom updating.

My concern is the two upstairs bathrooms have this gaudy italian tile which only certain people would like.

I am thinking if I took the low comp, $425 *.70 that equals $297 - $100 in estimated repairs, that an offer of $200 is where I want to be. It's been on the market for 26 days. I am in the Philly suburbs.

Looking for some feed back, and I can offer more info if needed.