Advice for House Hacking in Charlotte

[Stephanie McAnuff]

I am interested in purchasing a FHA foreclosed home in Charlotte, North Carolina. I would like to live in the home for approximately one to two years. While living in the home I will fix it so that once I leave I can rent the home. The home was built in 1926 and has 2 bedrooms, 1 bathroom, large fenced in back yard. Homes in the area are worth between $60,000 and $90,000.

The home is currently listed for $49,900 and I am interested in putting in an offer for $30,000 as I feel there are approximately $20,000 in repairs needed (porch, flooring, gutters, repair to addition).

I would appreciate any advice in regards to financing and offer amount. 

Thank you.