Working on first deal, would appreciate suggestions!

[Jim Moorecash]

Well I went to look at a property today. Here are the stats:

1971 built
1640 sqft
4/1.5
Needs: roof/soffit, windows, flooring and paint throughout, appliances, light landscaping, junk removal, repair ceilings in two of the bedrooms due to roof leak.
Owner is asking 85,000, public records say she bought it in november 2011 for only $18,750
Recent sales for comps are 78500, 115000, and 101000. There are four other homes within two blocks for sale ranging from 99000 to 160000. all of the comps are either 3/2.or 3/1. The neighborhood is pretty nice and there is a quality elementary school less than a mile away.

This place obviously needs a lot of work, nothing has been updated for at least twenty years except for the kitchen which has all appliances except a fridge.

Now, she bought this place DIRT cheap, but since the county assessed it at 130,000 when she bought it, she has the delusion that it's worth much more than it really is. My rough estimate is that it would need between $20k and $30k in repairs depending on how nice the finishes would be.

I'm wondering, what you would value this place at now and it's arv. I have numbers in my head, but I'm curious what others might think before I go and make an offer, because I'm admittedly new and don't want to make a huge mistake.