Fixer on East Hector in Conshohocken

Always keeping an eye out for my first investment property, I saw a new opening in Conshohocken for a large brick home at 240 East Hector St priced at $159,000. Contacted local real estate agent Matt Mittman of Mittman+Rehling ReMax to get a showing for Saturday, Jan 2nd.
A few interesting things about this property: First, the lot is exceptionally wide at 60', which includes the house and the vacant lot to the left as well. The house is a good size at 2000sqft. The house has been on and off the market over the past few years, and since last being listed in Dec 8th 2009, it's fallen 40k from it's original asking price or 199k in just the past month. The owner is an asset management company, so it's probably a REO or foreclosure of some sort and they're desperately looking to unload it. The interior of the house needs a complete rehab. I estimate the ARV (after repaired value) of this home to be around 250k based on neighboring home sales. New windows, drywall, bathroom, kitchen, electrical, etc...One can easily see spending 70k on this place, so as it stands, not such a great deal. If it could be had for 140k however, it's much more appealing.

Unfortunately, this probably will be nothing more than an exercise in real estate education. The current asking price, while fair, is still above my range of what I can afford. If I had a proven team or company in place I would hop on this opportunity, however I think I'll have to let this one slide.

-- Update --
This property sold on 2/11/10 for $130,000 and is currently under renovation.