I have another SFH, also is a short sale approved, just did the inspection yesterday. It turns out roof needs to be replaced, crawlspce has insulation/heating ducts issues, the siding has some rot, and one window got fogs. The repair cost is around 15k. The house is 15k below market. The typical market price for the similar house (built in 90s) will be around 170k.
The rental is around $1500. So if ignoring the repairs, it is still positive cash flow.
I am thinking to get the price down, but doubt the bank will accept it. If bank will not drop the price, would you still proceed to buy?