Potential first deal, not sure if it’s good enough. Help!

[Terence Peebles]

I just looked at my potential first real estate deal. The auction bid is at 79k, only 1 bidder and it ends Tuesday. This is a SFH 1100sq Ft 3bd 1br with an unfinished basement that could be turned into another bedroom. It needs approx 15-20k of work, mostly cosmetic, the roof and floors. My realtor thinks 1000 a month for rent would ideal in this area. So it meets the 1% rule if the total cost is around 100k.

Two things holding me back:

I can see this deal has upside but I’m not sure if it’s considered outstanding, and I wonder if I should wait for a better one.

Financing. I don’t have quite enough cash for a 20% down payment, so I would have to find creative ways to come up with the down payment and the cost of the remodel.

Should I just let it go until I have enough cash built up?