Amazing Opportunity - How Do I Take Advantage?

[Cosmo Iannopollo]

A condo in my neighborhood was recently brought to my attention, and it appears to be a steal. The neighborhood is probably a C+ neighborhood, but the tenants in this building seem pretty decent from what I've been told. The unit is in foreclosure and is REO. It is 2 bed, 1.5 bath, 1075 sq. ft.

Here are the numbers:
Asking price: $39,500
HOA: $135-150 (Can't find the exact number)
Monthly rent: $1,000-1,200

My problem? Of course, financing. I currently have little in savings and I'm not sure my debt to income ratio would allow another major purchase, as I own a duplex as well (owner occupied purchased with an FHA).

Should I give the bank a call? Not sure how to get this all together. I have $12K in equity in my current house, but have only owned since Dec. 2014. 

Thoughts?