Is this a good deal? Old house with a basement

[Ari Yenjai]

Hi there BP members,

I'm currently working on a deal analysis on my first fix and flip property. it's an REO with 3bd 1 bth 2,392 sq ft with a finished basement which was built to be a tornado shelter. (A Realtor said that the basement is not included into the 2392 sq ft) . It was built in 1947 and has a lot of 0.82 acres. it's located in a small town in Oklahoma. On this lot also also has a house that to me they might have used it as an office back then and a barn. My contract and I went to see the properties and he gave me a rough repair estimate of making this properties in a great shape again around 30K and the listing price is 49K (Last sold in 2002 was 80K). My concern is I really don't know how much this house will worth after it fixed up as it's actually not located in the neighborhood (it's right off the highway, and across and on the back of this house are commercial buildings.) Next door house was just recently sold for 138K but it's a little bit newer and has ~2100 sq ft 4bd 3bth and has been updated. Other houses in this town are vary in the range of $35-45/ sq ft.

What do you guys recommend on finding comps in this situation?

Another questions is about the condition of this house.

This house will be sold as as-is and the bank won't turn on an electric, water or gas for an inspection. It was vacant for 8 months since the previous owner got foreclosed on. However, my contractor said that the foundation and structure of this house is still solid. it's looks like that the electrical boxes got replaced. The roof might have to be replaced but we're not sure as my contractor doesn't have expertise in the roofing and he said that they were made of composite material that he never seen in residential houses.. usually seen in commercial building. we actually went to see this house on the rainy day and looks like there no water leaks into the house. The basement is actually goes around the whole house and has 3 small rooms with 1 bath. We see some small moles issue and water damage on walls and windows.

Do you think a basement is a positive thing to have? or will it take a lot to fix and clean up?

How much should I offer the bank in this situation?

Please jump in and share any thoughts, concerns, comments how do you want to approach this deal?

Thank you so much!

Ari