Possible deal. Please critique

[Nick Albin]

Ok guys so this could be a potential deal I found in the area I have been farming in for a while.

House is foreclosed. Offered 27k a few months ago. Nothing. Then I got a call and the agent was asking if the offer was still good. Took a look at the house and needs some basic cosmetic work. I have my plumber and electrician I know to come and take a look and make sure everything there is good to go.

The houses in the area that are similar (3bed, 1 bath) rent for between 600-650.

I will do the monthly income and you guys critique me.
Gross rent =625
vacancy fac.= 32
mortgage(est).=243 (15 year mort at 7.0 inters)
maint reserve=115
taxes=50
insur=25
other exp= 20
---------------
140
(i know this is a rough estimate so I will not count on the 140 automatically)

Now obviously I have to see the exact amount of work that needs to be done. But honestly I took a long look at the house twice. Once when I made the offer and just earlier this afternoon.

Seems like a good deal to me. But if you guys could chime in and tell me what i am missing that would be fine.

Oh yeah. Also most of the comparable homes in the area sell for 55-65k.