First New Project - Since a while

Its' been a minute.... long minute, since I purchased a property for my portfolio. This new project isn't a planned hold, but a flip... plan B is to hold. So, I am a bit antsy about the deal since this will be my first flip. I think the numbers are good. Picking it up for $12.5K including buyer's premium (bought from online auction - more on this later), plan to put in between $22K and $25K (includes contingency), and sell for about $52K. If I put in the full $25K, I should gross $14.5K before selling and holding costs if I hit that sell price. It won't be a home run, indeed, but it ought to be a good start. So I picked this jewel up by happinstance, really. I had been looking for about a month and everyting promissing seemed to dissipate. Until I ran into the auction for this property that had about 15 minutes left until close. High bid was $5K and bid increment was also $5K... I got excited and through in my offer to make it $10K with a little under 5 minutes remaining - site unseen. Of course the bastards extended the time to end by another 10 minutes. My excitement turned to worry that the auction house would bid against me to drive the price up. But to my surprise, the auction ended and I am the highest bidder. Yes!! Then it dawned on me... I may have just bought a property that I have not laid eyes on. That's not smart... but I know I am smart... what the hell. So, my next task at hand, post-haste, was to get to that property and see first hand what I may have just bought. The property. Requires work, a bit grungy, more vandalism than I would have liked, broken front door, and evidence of possible squatting. But over-all solid looking place... wheeeww. Next time - the auction house/bank slow dance.