help me evaluate this deal

[Sam Lee]

I found a sfr 3/1 in round lake park IL. The original listing price was 50k, they lowered it down to 40k. I offered 30k. This is a short sale by a small bank, so I think they will want to negotiate it or perhaps take the offer. The house sold 4 years ago for 89k.

The house has no appliances but everything seems to be in good shape. It needs a deep cleaning and a few repairs, but that's about it. Of course, hire a property inspector (there may be more things, I just don't know).

$30,000 purchase price
$1,500 appliances
$3,500 repairs and cleaning

I hope to rent this out for $1000 a month. I posted some ads or craigslist just to see the responses, and I got about 25 emails so I am sure I can rent it out once its all cleaned and presentable. $1000 may even be a little below market.

The neighborhood:
Working class, northwest suburb 2 hours away from downtown chicago by car. Has a train station to the city. Good demographics, not a warzone by my analysis. The RE market has collapsed with some houses halving in value in some cases.

What do you think about this deal? Also let me know if I am overlooking key factors. This is my first time purchasing a house. My objective is buy/hold and get decent cashflow