There could still be a lot of money to be made and if the deal is there and you will still make a good return after taxes, then go ahead and do it.

If your proeprty is in good shape, and the appraisor can't find adequate comps, it's going to be hard for you to know ahead of time how it will come back. 

Hard money lenders focus a lot more on the property itself as far as current condition, rehab estimate, after repair value (ARV), etc. 

this is tricky, it tends to be a case by broker-case basis, and only a handful of brokers control the bank-owned..yikes......i forgot if the agent can rep. the bank and you, there in NC, if you make offer..Just thinking out-loud and opinion, not telling you what to do, dont know your plan (hold, flip, or your funding):  ...get over there, with a property preservation buddy, assess the repair and upgrades, (unless its already pretty perfect or you feel the agent can give you some accurate idea)...ask agent what he/she can sell for in good condition, confirm.. then factor arv, repairs needed, make offer with 10 day due diiigence professional inspection......are you offering an almost full retail-market priced forclosure anyway, then are you going to hold it for cash flow? 

Typically it is the local building and zoning with a similar rule, repairs of more than 50% are not prohibited, But if the rebuild/renovation cost is more than 50% of the property value then the property must be brought to Current building codes, which may include the floor elevation being raised to current building requirements, which is usually not feasible, cost wise.

   - repair is typical for an rental occupied property.My view is:  typical for turnkey properties, low performance, defered maintenance that yoiu'll get hit with typically sooner then later. 

Hello All,I have been looking at acquiring another property and I have estimates on repairs that need to be done.

@Mike McCarthy the home breaks even but it's fairly new at least so at least I don't have to cough up too much money for repairs.

Any signs of previous problems being covered up, or band-aid repairs?

I will go ahead and reach out to an RE Attorney today to see what they recommend, thank againg for your comments.