Buying A House in Few Days With Water Damage Need Advise

[Lane Ewert]

We want to buy this house as our first with an FHA loan that allows repairs, fix it live in it for two years and sell. What is the best way to asses the ARV quickly? There have already been offers made and our Realtor said we need to come in above asking. So in the event we do win we are supposed to have a 7 day period to get out if it looks too costly. Any advise would be greatly appreciated or questions I don't know to ask. I feel this would be a great opportunity for me to learn about RI along the way.

Numbers:

90k asking price (what # is good to come at them with?)
(its a foreclosure)
comps in the area are around 150-165
Roof has been leaking so obvious water damage and updating

Thanks