.$70,000 out of pocket v $12,250 out of pocket (let's pretend closing costs are identical, so only the down payment changes).What is the cost of keeping that $57,750 in your pocket? 

Most comps on the street are hovering around 200k, and this almost identical house recently went for 350k.

So yes, there is a good deal offer and then there is an insultingly low offer where you are essentially stealing or hoping to steal a property for a fraction of the price....

I've been to Killeen to see several duplexes several years ago and the property as compared to Austin is a steal, but for the above two reasons I passed.  

I was referring to the 2nd picture but honestly if the house has a porch you could steal some porch room to extend the kitchen; although, realistically if the house doesn't have a dishwasher now it probably doesn't really need on but more cabinet space and counter space would help buys/renters see it more welcoming and useful.

If they know the house is vacant and has been for a few days, depending on where you're buying, they may break in and steal copper wiring, A/C unit, and whatever else looks appealing and can be sold for a couple dollars.

@Dave Foster, I like that statement; I may have to steal that from you.

@christopher phillips My realtor sold an identical house on next street over 8 weeks ago for 131,000 but it needed updates a roof and Windows.  

I'd be careful not to steal a photo of anyone's real house as this crosses an ethical line in my mind.

Here, maybe this will be interesting/helpful to you - I am currently working on doing this right now with my own property, which happens to have a nearly identical loan amount as yours, and there is $50,000 in equity I could refi out.