Keep in mind that sold "As-Is" could simply mean, the seller is not interested in doing any repairs to the property, no matter how small and insignificant they may be. Dirty paint, dirty carpets, torn vinyl floor, broken window glass, dripping faucets....all minor stuff.
You can always come up with a "cost" to fix all that is needed post inspection and try to get a discount from the seller agreed purchase price.
My name is Bobby Nahoom, and i'm with Amac Real Estate Company. I actually went and viewed this property over the weekend. This was originally a 2bed/2bath townhouse with a 1 car garage. Whoever previously owned this townhouse enclosed the garage to make it a 3rd bedroom. The townhouse needs a new roof and gutters, the A/C unit is old and probably needs to be replaced, there is a lot of wood rot on the exterior that needs to be replaced, needs new appliances, new flooring, new paint, and other cosmetic repairs.
An inspection might uncover other issues as well, so getting a home inspection as well as a wood destroying organisms inspection is needed. I could easily see sinking $20,000 into this place to make it nice though. The most recent comparable sale in there was the unit right next door to it which sold back in August for $69,500. It was in move in condition though. So based on this comparable sale, if you bought this unit for $40K, and sunk $20,000 that would be a pretty decent buy.
If you have any other questions or if you would like to see this property, please feel free to contact me.
Amac Real Estate Company
850 567-0037 cell