I've been listening to the podcasts, I've ordered some books, I'm going for my Real Estate license and I'm talking to people about investing everywhere I go. It's the only thing on my mind these days. I want to take a pragmatic and calculative approach and get my education first, but at the same time I'm looking for properties CONSTANTLY. If something good comes up I don't want the opportunity to pass me by. Well I think I found an opportunity and I want to know what your opinions are. Do I go for it or do I hold out?

Unfortunately I don't have a lot of information on this property. Here is what I do know:

Short sale

Asking price is $89k

Listed for 223 days (sellers could be motivated and may come down on price)

3/2 on a corner lot, 1,164 square feet

Roof looks good, outside needs new fence, some paint, landscaping

A/C needs to be replaced

Comps sold recently between $120k and $130k

If I make an offer at $80k, put in $20k for repairs, I could possibly sell for $130k and walk with $30k profit. Or finance at $100k to include the repairs and rent for $1k monthly, which should be $300 cash flow, roughly. 

I am scheduling a walk through this week so I'm hoping the repair estimate is accurate. Also, I have contacted a lender that focuses on new investors offering 90% of the financing for the sale and repairs, I just need to come up with 10% and closing costs.

I'd appreciate any feedback you may have for me.

If you sell don't forget about realtor fees at 6% as well as closing costs etc. How firm are you with your numbers as typically you do not want to exceed 70% costs after repair value and in this instance it appears you will be close to that.

If I were you, I would pass. Sounds like you don't know enough to make an informed decision as far as the repairs go. @Chris Seveney also pointed out that you didn't calculate selling cost. You have to COME UP with 8k for the down payment. That sounds like you may not have it as of now. What happens when you run into unforeseen problems and or holding cost?

Also if you finance 100k, your PITI will be over $600 (as your int rate will be 5-6% on investment property)

if you do not manage it yourself and take into account vacancy rates, capex,  Etc you will not be cash flowing $300 a month, you will probably break even

Thank you @Justice Cannie and @Chris Seveney for your advice. I didn't account for realtor fees and $20k is just a guess for repairs. Hopefully it is less. I am pretty anxious to get started but I will not make an offer if the numbers do not make sense. I will get those numbers hopefully within the next few days and post again. I am definitely inexperienced so I am thankful that I can rely on you guys for guidance.

As a side note, I ordered "Rich Dad, Poor Dad" and "The Millionaire Next Door" which should be here tomorrow. These were both mentioned in the BP podcasts I listened to. Do you guys have any recommendations for reading material for a novice investor?

@Andrew Bondarchuk I'm glad to hear that you are waiting on all the numbers to come in. Btw I'm far from an expert, we're all in the same boat. 

The 4 hour work week is worth reading also

Thanks for the recommendation @Justice Cannie . I'll check it out. My short term strategy is to learn as much as possible so I can start making informed decisions. This is in the aftermath of almost dropping $30k on a guru. I'm sure they have a lot to teach but I would have put myself in dire financial straits for that knowledge. So far I'm in to Amazon for $12!