Potential on Fleming St. In Manayunk

I'm getting the itch to buy a home. I've been keeping a lookout for affordable properties that meet this criteria:

1. are close to the train and bus lines
2. walkable neighborhood (restaurants, bars, parks all within a 15 minute walk)
3. hidden value in fixing up
4. have renting potential for long-term holding
   

Thus far, the two properties I've profiled here have these attributes, yet both haven't been right for me in one way or another. One had almost no space, and one was biting off more than I could chew.

And now, a property in the Manayunk neighborhood of Philadelphia has caught my eye. This property, located at 4353 Fleming St might just be in the sweet-spot. It's a short sale that has been on the market for a while and I've watched the price drop to a point where I think it's now affordable at 139k. It's 1000 sqft, with street parking and a small backyard space. Again, I had my agent Matt Mittman walk me through the property this past weekend, and the layout is very nice. Smaller than advertised, as it's realistically only a 2 bed 1 bath property. Someone was living in the basement in a makeshift bedroom and bath, both of which are of no value. Kitchen and Bath rooms both need compete renovations, and the electrical, plumbing and HVAC systems need to be looked at by an inspector and most likely replaced. That said, if the work costs what I have rough estimated, then this house could be very financially reasonable. I'll upload photos and more information shortly.

On a side note, I'm going to a lender next Monday to get pre-approved and to learn more about HUD 203k loan options. I'm trying to get in before the first-time home buyer's credit expires, but with it taking a while for things to fall in place with my income and credit rating, now is as soon as this has been possible for me. Also, short-sales often take longer to settle, so we'll see.