[Calc Review] This deal looks pretty good to me!

[Andrew Bondarchuk]

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I've found a foreclosure in an area that is booming and I believe there will be a lot of interest in this property because of it. This is listed at $51k but comps in the area are valued at $150k. For rental income, there is a home exactly like this one that's renting at $1/sq. ft. so I feel good about $1k/mo. for estimated rent, especially given that the space is so small and the structure seems very good, so I don't anticipate that there will be a lot of structural work to do. I'm estimating $25k in repairs to account for new appliances as well as installing central air (kind of a non-negotiable here in FL). The calculator is showing me that it's less than $80k all in and will cash flow for $500+/mo. I feel very good about this and I want to make an offer, but I've never done that before, so I have some questions.

1) Do I literally just e-mail the listing agent and say "I want to make an offer"? Because the numbers look so good I want to offer full asking price so I have an edge against some other buyers. 

2) If they accept, then what? Am I on the hook for anything at this point? Do I have to have ink to paper to even make the offer in the first place, or put down any earnest money?

3) If I am unable to find someone to help finance the deal, do I just walk away?

They are accepting offers until tomorrow (5/6) at noon and it has only been listed for 4 days. Any and all guidance and feedback is welcome and appreciated!!