Please help me look at this deal...HUD home

[Kenyatta Fletcher]

I am trying to analyze this deal...

The property is now HUD owned, after selling in 02/2011 fr 168K.
The asking price is 46K.
4/3 -
Only cosmetic changes need done like paint ( they painted the living room some awful highlighter green) and carpet looks worn.
Gwinnett County , GA - Lawrenceville

Comps in the neighborhood:

Recently sold:
all less than .5 miles away in same subdivision
4/3 sold Feb 2011 - $135
4/3 sold May 2011 - $103K
4/3 sold May 2011 - $118K
Recently listed - less than 1 mile away -
4/3 - $118K
4/3 -124.9K
4/3 - $114K

I was thinking of putting an offer in at $41K (90% of list) and hopefully leave enough room to wholesale to a buy and hold investor for 50K - Does that sound reasonable ?

Rent average is 1100- 1300 in area.