This home appears to have some good updates, but given the price/square foot, you really need to take a look at it with a knowledgeable agent to get an idea of what needs to be done and the costs involved. If what you find still seems to make sense financially, you can make an offer--and then have the home inpsected by a reputable inspector who will give you a detailed report of what he finds. You need all the information you can get whenever you're buying a home, but particularly with bank foreclosures because there's no information on the seller disclosure statements.
I'm not familiar with Saline Township, but if they require a certificate of occupancy (it doesn't look like they do on the website) that might be another source of info. Also, check with the county to see the results of and when the well/septic was inspected.