First Proposed Deal

[Clifton Jones]

We have a lead on a home for $60,000 in a neighborhood where the comps run anywhere from $100,000 to $200,000. Taking the lowest price of $100,000, woudl this be a deal?

There are no appliances and the kitchen would have to be totally remodelled. We would have to tear out all carpet and replace with something (i.e. carpet, linoleum, tile, wood). There is also some drywall damage (i.e. fist-sized holes in drywall).

The house is 1178 sq ft. and the outside and structure are in very good condition. This is definitely a rehab home, but I do not have enough knowledge to identify whether this is a deal.

Any help would be appreciated.

P.S. This is a bank short sale and we would like to get it even cheaper. The realtor stated that if there are no takers at this price, the bank will put it up for auction. Would it be better to wait and try and get it at auction?