Looking at first REO deal

[N/A N/A]

Hi,

We came across an REO Property that we are interested in a nice area of town. Here are some of the numbers.

Assessed value: $195,987
FMV: $210,000
Repairs: $20,000

Bank price: $167,500 and will pay $5,000 towards closing

We are considering moving into it ourselves and doing the work for the next 2 years and either lease option our current residence or rent it out.

We want to offer $147,000 for this REO.

Opinions and thoughts please.

Thanks

Rick