"Deal of the Century"

[John Shiraef]

"Deal of the Century"

That is how this property that I am interested is being marketed. Somehow I doubt it. Quotes like that are a big turn off, but I am seriously interested in this one and am considering it for my first RE purchase. I could use some help with how to properly look at this property and also in determining what other stats are essential?

Here is the info that I have been able to locate online.

LP: 90,000
RealQuest Value: 139,000

2008 Property Tax: $647 (according to zillow)
Year Built: 1953
9 br 3 ba
2,518 sqft
This home $ per sq ft: $77
Comps avg $ per sq ft: $109
All Brick
Days on Zillow: 177
Days on Trulia: 180+
Avg. sales price for homes in area: $253,933 (trulia)
General appearance: Run-down, not maintained, will probably need a complete overhaul. Structure appears to be sound. Brick looks to be in great condition.
Location is perfect...corner lot, near a college campus and the downtown area of Chattanooga. This house could definitely be rented to college students or sold to a large family once rehabbed. It could also be converted into a multi-family rental.

I am curious as to where I should start with calculating the actual rehab cost and coming up with an initial offer. Can anyone provide a general estimate for a complete overhaul of a property like this as I am assuming that this is why no one wants to touch it. My best guess is that it will be about 25-30K. Much of it I can do myself with the exception of plumbing and electrical.

I qualify for the new 8K credit so that is a factor in the number crunching.
What other stats do I need?
What are some things that I definitely need to be looking for when I visit the property?

Or should I run like hell and find my "Deal of the Century" somewhere else? Your thoughts?