If you flip, then definitely refinish them.Floor life is a function of how many times they've been sanded.

(Assuming the remained of the roof is in good condition and not too old.)

ERGO you are in foreclosure in the first place.GFC meltdown saw values drop 20 to over 60% in certain markets  .. your 70% LTV loan was underwater right out of the gate.So to answer your questions.In General... you have a foreclsoureyour value is 10% less than it was when you made the loan.. reason flipper butchered the job ... and again depending on state it could take 1 to 3 years to actually foreclose and of course your not getting any payments.. so your interest is wiped out. your cost of doing the foreclosure again state specific.. and I have never met a defaulted borrower that paid the property tax's  ( and again state specific how bad this will be).. you have selling costs usually 8% and you normally have to spend money getting the home marketable I have never met a defaulted borrower who left a home in perfect shape.So you add 10% market devaluation  8% for sales costs.. 3% for foreclosure costs.. 2% for back taxforce placed insurance and utls.. and depending on the condition of the home 5 to 10% for rehab .. you can see how this eats into your 30%  .. then take states Like were i live and properly filed mechanics liens are super liens they jump ahead of your mortgage.. this can be thousands up to 100 thousands if your flipper totally screwed the subs. 

But Patrice B is right in the fact that there are many factors going into an assessment of value like # of bedrooms, baths, sq ft, condition, age, location, etc.

I'm happy to start this new adventure in my life.

@Alex PerezYou can get a 30 year fixed interest rate loan on sub $50k properties, with conventional financing, as long as the properties are in livable condition.

Time on market, price reductions, condition etc can also be good indication of the sellers motivation or lack thereof.Rental demand is still high, so I think it is good to project future rents.

This way we could take a 30 year mortgage and pay it off much quicker (7-10 years or so).My main assumption here is that it is beneficial to pay the mortgage off as quickly as possible, as to reduce the effect of accruing interest over the life of the loan.

It is the fast track towards financial independence and freedom that can open up many opportunities and make your life much more fulfilling and rewarding.What I am talking about here is investing in real estate!

I have spent my entire adult life in the construction business.