Does this look like a good first deal?

[Allende Hernandez]

Hello guys,

I just got a call from an owner of a pre-foreclosure property I targeted in my direct mail campaign. He owns a home in Orlando, FL and owes 140K to the bank including 27K in pack payments. The bank is willing to let him go for the 140K.

He mentioned that the home is in great shape and was remodeled a few years ago. The home is currently occupied by his son in law.

I ran the comps and the market value should be around 170K.

I am not interested in holding it, I want to capitalize a bit before I let money sitting in a property. Also, I ran the numbers for a rental and they did not come up tempting if I get a traditional loan and after setting money aside for all the extra expenses.

So, is this still a good deal to buy and try to sell retail since it has approximately $30K in equity? The owner is out of the state, I didn't ask but I assume that is the reason why he hasn't tried to sell it himself. 

Thank you and Happy Investing!