Possible first deal!

[Brandon Pack]

Today we have submitted an offer on a foreclosed home that we hope to turn into our first deal. We have submitted 2 previous offers on different properties but the banks just didn't want to deal any! Those 2 properties had the intentions of flip/sell but this particular property will be a rental.

Here are the numbers:

1400 sq ft.; 3 bed/2 bath ; 2 car attached garage ; semidetached ; fairly newer home. Built in 2000 and on a concrete slab. No issues with the house other than some carpet being stained, some walls needing new paint, missing refrigerator, washer, dryer.

List price is 69,900. It has been on the market for about 75 days now and the bank started out the listing at 84,900.

We submitted our offer at 55,000 cash. We are hoping to land this deal under 62k. We plan on investing about 3-4k on the high side updating it a bit and replacing some carpet with vinyl wood plank flooring. All the surrounding properties are rented up and according to our agent, rent on a property like this goes for 850/month in this subdivision.

What do you guys think? What would be your max offer?