Raw Land for a first deal

[Kim Pham]

Hi BP Community!

Would love to get your guidance as I think this might be my very first deal. 

-FSBO priced at $80K (free and clear)

-Owner is an elderly man who purchased the lot for $60K nearly 20 years ago through a foreclosure sale. He lives out of the area and is motivated to get rid of it.

-Property is 1/2 acre raw land. 

-Property profile report shows the property use is residential/vacant

-Located on block with single family homes valued $500k-$700K with same lot size. 

This might be my first deal and I'm so nervous. I told him I'd get back to him on Tues/Weds. Does this sound like an okay deal guys? Raw land? I am completely clueless on what I need to do next. Do I find a lawyer to help me fill out a purchase agreement? I'm sorry for sounding like such a newbie but any guidance would be very much appreciated. :)