Single Family Home for Short Sale, Northern NJ

[Danielle Hayes-Ward]

Hi guys, Ok so I need some help on a decision. My mothers house is in preforclosure and being short sold for $60K. It's current value is about $76K. It's a single family 3-1 with backyard, driveway and large 2 car garage, close to park and public transportation. It needs a some plumbing work in the kitchen. Kitchen and bathroom fix up. Everything else minor repairs. She said there's no tax liens. The bank is still paying the taxes. Her home is in the same town as my home. She does not live in the property anymore, she rents somewhere else. So it's vacant. From market research so far, (I could be wrong this is my first time from an investor standpoint) it can rent maximum for $1150. My husband and I are considering purchasing her home and renting it out. However, since we're still recouping from buying our own house outright last year, We may only have enough for 20% downpayment and closing costs. Could this possibly be a good deal? My personal home tax range is about $4,500/yr. and I'm guessing hers is in the same range more or less. I haven't done my full research and calculations yet. Should I persue this as my first actual investment property due to the very low cost? Any ideas? Suggestions? Interests?