Less Than 1 Week: Buy or Pass on SFR Foreclosure?

[Mark S.]

SFR for sale about 1 1/2 hours from me. About $30K. 1,100 square feet, 1BR/1BA (a loft used as second BR). Less than 8 years old. Hardwood floors.

List price started at almost double where it is now and has been dropping monthly. I've contacted the PVA for assessed value and tax figures and am waiting to hear back.

Supposedly was NOT a rental and was owner occupied. The listing mentioned being "corporate owned." It's also a foreclosure. Is this the same thing?

I'm looking to buy/hold/rent as an overall strategy, but I'm almost thinking of trying to scoop this up at a good price and if I can't get it rented (it's an all-cash deal, so I won't have to worry about monthly mortgage payments), I can try to sell down the road for a nice gain.

I don't like making decisions under pressure, but I feel like I may miss a good opportunity if I don't act. What do I do? What questions should I be asking? Is it worth it to pay for an inspection up front (it's being sold as-is via auction unless I can get an offer approved prior to the auction)?

Any advice is greatly appreciated. I've yet to do my first deal.