Offer on house

[Tami R.]

I am still in the process of waiting to close on our first house - got it for $12k - needs about $12k in work.
Now we found another house that's in an awesome location - 3 blocks from the best elementary school in town (population 28,000), Assessed at $49k they want $30,900 DOM 4 days. I offered them $22k and just heard back that they countered at $30,000 - so I went to $26k with only 10% down at bank - We would need to put $3k into it right away and we could rent it for $550-$600 per mo. - eventually it will need to be painted (exterior) and new windows but for now - interior paint / flooring would be all it needs.
Any suggestions on this... I'm a newbie but very interested in your opinions.
below is the info on it from the county assessor's office.
http://www.co.cerro-gordo.ia.us/property_search/URLAction.cfm?Item=070323202300