Need help with a potential contract - newbie here

[Timothy Martens]

While talking to one of my neighbors yesterday he asked me if I wanted to buy his house for 200k. 30k less than what it appraises for. He is motivated.

The property is 5 acres with a good sized creek running though it (never dry) with a 3 bed 2 bath ~1500 sqft house in pretty good shape (on an unfinished basement ~1500sqft) and 2 car garage.

Properties like these in this area are rather rare and hard to come by. If he puts it on the market it will sell pretty fast.

If you were me what would you do? 

I don't have the money to buy the place right now as it's tied up in other investments.

I know the margin isn't that great. 

Is there any way for me to make a buck on this via contract? Or should I just move on?